The first REA Leinster auction was a terrific success, with more than €3,500,000 worth of  residential and commercial property sold – with some going for more than 60% over their AMVs.

Eighteen properties were sold under the hammer at the auction in the Louis Fitzgerald Hotel in Newlands Cross, Dublin, on the day at an average price of 21% over their AMVs. An additional four properties are expected to close under private treaty negotiations.

There was widespread interest in the auction with bidders at the hotel being joined by hopeful investors calling in bids from Australia, Canada and the UK.

Harry Sothern, REA Leinster Auction, said: "We are very satisfied with how the auction went. Of the properties sold we had an average price of 21% over the AMV with some properties in fact achieving more than 60% over their AMVs. Bidding came in from Australia, Canada, England as well as locally. We sold a number of properties immediately after the auction and expect to close more in the coming days. Overall we are very satisfied and look forward to running the next Leinster auction in November"

Local agents involved in the auction said that with properties under negotiation expected to conclude in the coming days, they anticipate the auction will have a success rate of 85% when all is finalised.

REA has 26 estate agents in Leinster and 55 nationwide.