Saturday 25 February 2017

Plenty of bargains at auction as market set to drop further

Barbara McCarthy

There was a time when a property worth €25,000 was dinner party talk -- if it was in outer Bulgaria. Next week, UK auctioneers Allsop host their fourth auction at the Shelbourne Hotel in Dublin, selling 112 properties for up to 75 per cent below peak prices to mostly cash buyers. But where are the biggest bargains?

At €21,000, the property pictured above, in Beechwood Park, near Convoy, Co Donegal, is one of Ireland's cheapest. It boasts three bedrooms and a front garden in a newish estate where other properties are on sale for up to €175,000.

Another house for sale comes in at €25,000. This property in Tuam, Co Galway, offers two bedrooms, a pitched roof and a lush little garden. You get four bedrooms for €26,000 in Enniscorthy for a corner house. End of terrace, it features a reception room, utility room and yard.

One property in Dublin is available for a €50,000 reserve price. A mid-terrace house with a rear garden, it's just 7.5km from the city centre.

You don't have to go to auction to get a steal, though. A detached house in Nenagh, Co Tipperary, can be purchased for €25,000 or financed at €83 a month on Daft.ie. It has three bedrooms and three bathrooms, but needs a bit of work.

For €30,000, you get an acre of land, a shed and a 90sqm three-bed cottage in Tunnyduff, Co Cavan, on Daft.ie.

"Prices are unlikely to bottom out," said Ronan Lyons, an urban economist at Oxford University. "Unless credit returns to the market and the banks start lending again they will drop further. It's dangerous to overshoot on the way down as it could potentially cause another bubble." Ouch.

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