Wednesday 13 December 2017

Going, going, gone . . . €32m sales at auction

Donal Buckley

Auctions have generated more than €32.5m in property sales during the month of May despite a number of the properties failing to sell at auction. This is based on the sales of 130 auction properties up until May 30.

Even higher sales values were achieved but all land auctions were included in this survey which did not monitor those sales except for some of the bigger farms as well as some of those land parcels included in the bumper auctions.

The highest price achieved for a residential property was the €2m paid by a Meath farmer on Wednesday this week for Moymet House near Trim. The 132 acre property was reported to be a very well managed farm and an attractively presented four bedroom period home.

Dillon Auctioneers had set a guide price at €1.7m nevertheless when the bidding peaked at €1.88m. it was withdrawn and Dillon Auctioneers negotiated an even higher price. Dillon declined to disclose the price but when the house is excluded the price per acre is believed to be close to €13,000 - a strong price compared to the national average of €10,000 per acre currently achieved for good farms in good locations.

A similar price per acre appears to have been achieved for a 160 acre non residential farm at Ballyboughal, in north Co Dublin, which was sold early in the month for more than €2m. Owned by a Co Louth car dealer, Patsy McCabe, it was also withdrawn when the auction bidding peaked at €2.05m and auctioneers HT Meagher O'Reilly sold it immediately afterwards to a local farmer for a figure said to be a substantially higher figure.

The top price for a purely residential property was the €880,000 achieved for a well-presented dormer bungalow, Beaumont Cottage, Beaumont Gardens, Green Road, Blackrock, Co Dublin, which sold for €880,000. This was €50,000 over the auctioneer Daphne Kaye's guide for the three- bedroom detached house on one eighth of an acre.

It just pipped the €815,000 achieved by Sunnybank, St Martin's Row, Chapelizod, Dublin 20, a three bedroom 186sqm period house on 0.3 acres. Its agents Lisney had set a €680,000 guide price for the riverside property.

On Wednesday this week Lisney achieved €670,000 for one of the few Dublin houses to come for auction during the month. A three bedroom bungalow, Laragh at St Thomas' Road, Mount Merrion, sold for €670,000 or 34pc over its €500,000 guide price. While its floor area was only 112sqm, it has potential for expansion as it stands on 0.25 acres.

But the top Dublin price was the €1.95m achieved for a 0.66 hectare site with planning permission for seven detached houses at 18 Seafield Rd, Clontarf. Agents Campion had guided €1.4m.

The month's biggest auction was that of Allsop Space which raised €12.97m from the sale of 87 properties or about 90pc of those on offer. The most valuable lot was Tir na nOg, Carrickmines, Dublin 18, a four bedroom bungalow with a converted detached garage and apartment. It sold for €480,000 or €40,000 over its guide.

Last week in Galway auctioneers O'Donnellan Joyce sold 13 properties for a combined €3.4m. The most valuable of these was the Merriman Hotel, Kinvara, a 32-bedroom hotel which achieved €610,000. One of the properties sold prior to auction and five were withdrawn and some of these were in negotiations afterwards.

Earlier in the month in Leitrim, DM Auctions sold nine properties for a combined value of €319,000 or 18pc over their combined guide prices. Four of these were houses and the most valuable of these was a four-bedroom house at Carrowkiel Rossinver, near Manorhamilton, on 0.49 acres that sold for €74,000.

On May 22 Merlin brought 21 properties to auction and sold five of them under the hammer grossing a total of €399,000.

Meanwhile near Wexford town, an overseas hotelier bought Newbay Country House, a former hotel on 16 acres for in the region of its €650,000 guide price. Joint agents were Sherry FitzGerald O'Leary and Property Partners John Corish.

Also in Wexford, a local dairy farmer secured a 194-acre residential farm for €1.76m or around €9,000/ac at a PN O'Gorman auction. The property at Curraghmore, Saltmills, included a traditional two-storey, four bedroom farmhouse extending to 138sqm.

Irish Independent

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