Allsop Space brings hammer down on €17.8m in sales
A property that sold for €550,000 in July sold at yesterday’s Allsop Space auction in Dublin for €685,000, returning a profit of €135,000 to the owner in three months.
The property, at 23 Northumberland Road in Ballsbridge, was initially sold on July 19th, according to information from the Residential Property Price Register published this week. The property’s reserve was set at €590,000 during the auction, which guaranteed the seller a profit of at least €40,000 before stamp duty. The Georgian property is currently vacant.
Overall, €17.8 million was spent on property at the auction, with all except eight properties selling.
Allsop Space estimated that about 2,700 people attended the auction, with 60 other people taking part through online and telephone bidding.
The auction featured 127 lots – eight were withdrawn prior to the auction – and included four houses on Greenhills Road in Walkinstown that were sold as one lot for €560,000, which was €200,000 over the reserve price.
The sale meant that each house sold for €140,000. During the economic peak, these properties would sell for €360,000 each – the reserve price for all four houses at the auction, according to Robert Hoban director of auctions for Allsop Space.
He added that during the auction 50 overseas investors joined the bidding. “A lot of overseas bidders are expats who have not been affected by the recession and who have children starting college. Many of these are buying properties close to Irish colleges so their children can attend college in Ireland,” he said.
“There are also people looking to purchase holiday homes in Ireland.” One of the more unusual auction listings was the former Sacred Heart convent in Roscrea, Co Tipperary, which sold for €115,000.