A 69ac residential farm at Kilmoylan, Shanagolden, Co Limerick made a very handsome €1,012,000, or over €14,500/ac, when it sold at auction last week.
Described by auctioneer Paddy Barrett of JC Barrett and Sons as good, free-draining land with a good depth of top soil, the former dairy farm has up to 0.5km of road frontage and is serviced by water from a private well and a local river.
The residence is described as an old-style farmhouse in need of considerable attention while the farmyard is traditional.
Bidding opened at €500,000 and with four customers placing bids of €20,000, the price rose quickly to €700,000. Three bids of €10,000 carried the figure to €730,000 at which point the property was put on the market.
Three bidders followed proceedings to €840,000. At this stage one dropped out only to be replaced by a new bidder. Matters continued in bids of €10,000 to the €1m mark. At that point things slowed somewhat as single bids of €1,000 brought the price to €1,012,000 before Paddy Barrett brought the hammer down and the property sold to a dairy farmer from the Kerry side of the border at Tarbert.
Mr Barrett was delighted with the sale, saying it marked the first signs of the expected surge by dairy farmers to buy land to expand their enterprises in advance of the new dairy regime under the next CAP agreement.