Real Estate Alliance
Successful Auction is Indicative that the Property Market is Ready to Move Again
The first ever giant property auction to be held in Ireland was deemed a success today with 27% of the 61 lots selling as a result of the auction. This amounts to 16 properties raising €3.9 million.
It is evident that the market does remain challenged due to the prevailing economic conditions, with finance and consumer confidence being key issues. Aside from buyers, attending the auction was a sizeable number of market speculators keen on assessing the market and ascertaining what property prices are actually being achieved.
In summary, a total of 16 lots were sold on the day today, with further lots potentially being sold post auction in the coming days.
Auction summary:
10 properties were withdrawn.
5 properties were sold prior to auction amounting to €1 million.
6 properties were sold under the hammer amounting to €1.9 million.
5 were sold after the auction today (by private treaty)
Total amount raised €3.9 million.
Total properties sold 16.
In total 27% of the six one lots sold at auction.
According to Philip Farrell, Auction Manager, “We were delighted, in light of it being the first national auction of its kind, that there was such a large attendance today and such a huge level of interest in the lots beforehand. Since the auction ended at 1.30pm, contracts have been exchanged on a number of additional properties and we would anticipate a number of further sales will be achieved over the coming days. ”
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