€17.8m spent at property auction
A property which sold for €550,000 in July, sold at today’s Allsop Space auction in Dublin for €685,000, making a profit of €135,000 in three months.
The property, located at 23 Northumberland Road, Ballsbridge, was initially sold on July 19th, according to information from the Residential Property Price Register.
The Georgian property is currently vacant.
A total of €17.8 million was spent on property at the auction, with all except eight properties selling.
Throughout the day, approximately 2,700 people attended the auction, with an additional 60 people taking part through online and telephone bidding.
The auctions are attracting more interest than before, as people are relying on more transparent ways of purchasing property, said director of auctions for Allsop Space, Robert Hoban.
“This auction had our largest catalogue to date which is probably one reason this auction attracted so many people, but there is also that fact that word is spreading about our auctions,” he said.
“We have no hidden aspects to our auctions, it is all very transparent and everyone who attends gets an equal opportunity...We are very pleased with the attendance overall.”
During the auction, which initially featured 127 lots before eight withdrew prior to the auction, four houses in Greenhills Road, Walkinstown were sold in the same lot for €560,000, at total of €200,000 over the reserve price. The sale meant that each house sold for €140,000.
During the economic peak, properties would sell for €360,000 each, which was the reserve cost for all four houses in Walkinstown this evening, according to Mr Hoban.
“This is the most transparent method to buy and sell property in our opinion.” Mr Hoban added.
Mr Hoban said that during the auction, 50 overseas investors were joining 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, Roscrea, which sold for €115,000.
The lots that were not sold are located in Galway, Kildare, Cork, Tipperary, Dublin and Wexford.
The next auction will take place on the December 4th.