Positive signs in successful auctions

MAYBE THERE’S something to those rumours of green shoots in the property market.

Earlier this month, the sale of Blackrock property Beaumont Cottage in Beaumont Gardens took place through Daphne Kaye in a packed auction room. When the hammer went down, it prompted spontaneous applause after five parties bid for the three-bed bungalow, which included a separate coachhouse. From a guide price of €750,000, the bidding concluded at €880,000.

And in case we thought it was a Dublin-based aberration, O’Donnellan Joyce auctioneers in Galway reported a spending bonanza at their auction of 18 properties last Friday. The room at the Victoria Hotel was packed, and, in a notable development, Ulster Bank, Bank of Ireland and AIB were offering finance in reception.

With more than two bidders vying on most lots, a highlight of the day was the sale of the Merriman Hotel in Kinvara. The 32-bedroom village hotel quickly exceeded the guide price of €400,000 and continued in increments of €5,000 until a Kinvara local won out against an overseas client bidding over the phone. Once again, the room burst into applause when the hammer came down at €610,000.

There’s nothing like a good old-fashioned auction to guide the market towards realistic prices.