New mass sale in autumn

More property auctions are on the cards as owners seek fast sales in an uncertain market, writes ORNA MULCAHYProperty Editor

KNIGHT FRANK is the latest estate agency firm to enter the mass auction market with plans to to hold a sale of 30 to 40 homes on a single day in the autumn.

The company, which specialises in prime Dublin and country property, is currently scouting for suitable homes to include in an auction scheduled for October.

The two auctions held by the Allsop/Space partnership, in April and earlier this month, have shown that there is a market for distressed properties at knockdown prices. Allsop/Space plans to hold a third auction in September with over 100 properties, the vast majority of which are being sold by receivers and banks. Savills is also planning to hold a distressed property sale in the autumn and is believed to be in negotiations with banks to sell their distresed stock. However, Knight Frank sees an opportunity in selling homes for owners rather than for banks and receivers. “We feel there is market for auctions. We feel there is a market for people who simply want to sell on the day,” says Robert Ganly of Knight Frank. “We plan to issue disclosed reserves which makes it easier for would be buyers.”

Meanwhile in Galway, O’Donnellan Joyce sold over €5 million worth of property at three weekly auctions between July 1st and July 15th. Over 600 people attended the three auctions at which 19 properties were sold under the hammer.

These included terraced houses and businesses in Salthill as well as holiday homes, apartments in the city centre and large family homes in the Galway suburbs.