Munster: Intense competition driving Munster prices to record highs
Farmers, developers and equestrian buyers are scrambling for prime southern holdings
For the first time since these auction surveys began, the per-acre price for land is highest in the southern province at €14,292/ac, beating south Leinster land by over €700/ac and marking an increase of 25pc on the price per acre achieved in the province last year.
A total of 29 successful land auctions in the province recorded in the national press saw the amount of land sold under the hammer in 2018 decline by 25pc compared to land sales the previous year. However, the revenue generated declined by a mere 6.9pc.
The most spectacular auction of the year happened on the outskirts of Cork City within the new city boundaries. A 101ac residential grass and tillage farm at Monees, Douglas sold for €5.8m or €58,000/ac in an auction conducted by Mick Barry. However, for the sake of this survey this sale is put to one side as there is general agreement that the sale price represented development land values rather than agricultural values.
After the Douglas farm, the biggest land sale in terms of money generated and per-acre price paid happened when Kilkenny auctioneer Pat Gannon sold a 110ac residential farm at Bengurrah, Cahir in Co Tipperary scooping a sale price of €2.86m under the hammer and a per-acre price of €26,000.
Staying in South Tipp, a 91.6ac non-residential tillage holding on the outskirts of Cahir made a whopping €2.125m or €23,000/ac in a sale handled jointly by Cashel Marts and John FitzGerald of Dougan FitzGerald.
According to the auctioneers, the farm has a number of potential income streams.
Being close to an electricity sub station, it has potential for solar, it is clearly prime tillage land and with 1km of road frontage close to Cahir the place has considerable 'hope value' in relation to development at a future date.