Real Estate Alliance

First National Property Auction Set To Stimulate Market

First National Property Auction Set To Stimulate Market

Ireland’s leading network of independent estate agents – Real Estate Alliance – is to host the first National Property Auction featuring a wealth of residential, commercial and investment properties from right across the country.  The auction, the largest and first of its kind to be held in Ireland, which will feature both residential and commercial lots, will take place in Dublin’s Shelbourne Hotel on Friday 30th April. The auction’s announcement is timely with Real Estate Alliance members having seen positive movement in the market since the turn of the year. The property group believes the formula, having worked particularly well in the UK, will act as a positive catalyst to help stimulate the market nationwide.

Paul Grimes, REA Board, Seamus Carthy, REA Board, Michael Boyd, Chairman, and Phillip Farrell (Head of Auctions)

The April auction will feature a broad mix of both residential and commercial property lots from all sectors of the market but with one thing in common – they will offer excellent value for buyers. The residential opportunities will appeal to first time buyers, those looking to trade up and those looking for renovation projects.

According to Philip Farrell, Auction Manager of Real Estate Alliance and Director of Brophy Farrell REA in Newbridge, “This auction has been initiated in an attempt to stimulate the market, linking willing vendors to active purchasers thus presenting a unique opportunity for buyers to get ‘off the fence’ and take the plunge while the market is still in their favour.  We expect a broad profile of buyers and we would encourage first time buyers not to be intimidated by the auction room.  We are also keen for buyers to be aware that the properties being offered for sale have been carefully selected to ensure realistic, affordable prices”.

Equally vendors keen to secure a sale who may have been reluctant to place their property on the market in recent years, can take the opportunity to secure a binding sale in an auction environment.  This opportunity will particularly appeal to those looking to trade up who have been unable to secure a sale on their current home.

Philip Farrell believes Irish people’s approach to the process of buying and selling homes is changing, he comments “Property will never again be the national pastime it once was.  We are keen to see a change, per se, in the way Irish people buy property in this country.  The first time buyer can be reluctant to bid at auction.  We believe that this can be a much less stressful way to buy, as the purchaser generally will know very quickly whether they have been successful.  As opposed to private treaty sales which can tend to run and run.”

Philip continues, “We can also provide options for the purchasers regarding bidding.  As well as bidding in person, the purchaser can bid by telephone or proxy through Real Estate Alliance.  Full details of this are available on our free buyers guide, which can be downloaded from our website, www.realestatealliance.ie.”

The commercial and investment opportunities will offer a wide variety of retail premises, development sites, farm land, offices and industrial units. Many of the properties will have guaranteed rental income in place - some will be vacant properties and these are expected to prove extremely popular.  The commercial properties being offered for sale will derive from a mix of private sellers, investors, banks, semi state and government bodies.

Michael Boyd, Chairman of the Real Estate Alliance, comments, “The residential and commercial properties being sold at auction will derive from a wide number of sources, both public and private.  This calibre of auction is a first for Ireland, so we are expecting there will be significant interest for a number of reasons. This method of sale has been hugely successful in the United Kingdom over the last 10 years and we anticipate it will work equally well here.  In 2010 we envisage the investor returning back to property as government guarantee deposit interest rates are expected to fall - those with money to invest will look to capitalise on the fact that a buyers market prevails.” 

According to Aine Myler, President of the IAVI and Member of the Real Estate Alliance, “This auction method ensures transparency for all involved. The fact that there is no National House Price Register in Ireland, it is extremely difficult to ascertain what price is being achieved for various different types of property.  This auction provides a mechanism to secure property at an attractive price, safe in the knowledge that binding contracts will be exchanged on the day. 

Ireland’s first National property auction will be held on Friday, 30th April at the
Shelbourne Hotel.  Those bidding will need to have their finance in place with a 10% deposit being payable on the day. A Special Buyers and Vendors Guide has been produced to guide people through the auction process.  These and further information about the auction on 30th April can be obtained by logging onto www.realestatealliance.ie or by calling 1890 929 530

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For interviews, photography,
Contact Tracy Kelly, touchstone communications
T 01 293 7956, m 087 202 5160 or tracy@tstone.ie

For information on the Auction, or copy buyers/vendors guide:
log onto www.realestatealliance.ie or by calling  1890 929 530

More About The Real Estate Alliance
Real Estate Alliance is Ireland’s leading network of property professionals which features 38 branches nationwide combining real local knowledge with the commitment of Ireland’s most highly qualified and experienced property professionals.

Real Estate Alliance was formed to provide highly qualified local expertise on a national level.  Their offices draw on a vast experience in offering clients a top class service in a myriad of property areas.  Many of the members offices have been in business for than century.

All member agents are members of the IAVI or SCS and offer professional services to a large variety of clients in the areas of property consultancy, valuations, sales and acquisitions.

What to do if you want to sell your property?
Simply contact your nearest Real Estate Alliance office which will arrange a free, no obligation auction appraisal and advise whether your property is suitable for sale by auction. 

An auction is an efficient and cost effective way to selling property. Sale by auction generally takes only 8 to 10 weeks with the entire process being entirely open and transparent.  If you sell your property at a property auction, the deal is done securing a quick and efficient sale.

Guide to buying at auction
Don’t let the fact that a property is up for auction put you off, buying at auction couldn’t be simpler.  Simply take it step by step.