Portarlington land makes €7,800/ac as farmer wins battle to buy a bargain
A 22ac holding at Ullard, Portarlington, Co Laois, sold under the hammer last week for €171,000 (€7,800/ac).
This was the third time in seven years the same holding had been sold by auctioneer Matt Dunne, with the prices reflecting the times. In August 2007, it went for €342,500 (€15,600/ac), while in 2005 it sold for €295,000 (€13,500/ac).
Set in a quiet country location 2.5 miles from Monasterevin and Portarlington, the farm land was described as top quality arable ground only recently put in grass.
It is well fenced with a constant supply of water.
More than 10 people turned up for the auction and the bidding opened at €100,000.
The land was quickly put on the market at €165,000 and two local farmers battled it out before it was knocked down to neighbouring farmer Michael Bradshaw for €171,000.
"The last two buyers were business people who enjoyed the upturn in the property market and had most probably sold property at a high price," Mr Dunne said after the auction.
"This is the first time within the last 10 years that farmers could actually compete at auction for this land and buy it at a fair price. In my opinion, the price achieved is indicative of the value of good agricultural land at present."
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