MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
  • Mortgages
  • Property Report
MyHome.ie Blog
  • MyHome Living
  • News
  • RetroFit Hub
  • Buyers Advice Hub
  • Selling
  • Renting
    • Mortgage Learning Center
    • Calculators
    • Best Mortgage Table
  • Property Report
    • All Properties
    • Houses For Sale
    • Apartments For Sale
    • Available To View
    • Overseas Holiday Homes
      • Properties For Auction
      • Upcoming Auctions
      • BER Assessors
      • Property Conveyancing Solicitors
      • Pre-Purchase Surveyors
    • Find Agents
    • All Properties
    • Houses To Rent
    • Apartments To Rent
    • Available To View
    • Share
      • Irish Holiday Homes
      • Overseas Holiday Homes
  • New Homes
    • For Sale
    • To Rent
    • Auction
      • Residential Land
      • Commercial Land
      • Farm Land
      • Farms
      • Sites
    • MyHome Living
    • Buyer Advice Hub
    • Property Report
    • Property Price Register
    • Price Changes
  • Mortgages
    • Rental
    • Holiday Homes
    • Commercial
    • Sharing
Advertisement
  • Home
  • Uncategorized
  • Auctions now part and parcel of the market here
Uncategorized
May 4, 2012 - 11:26

Auctions now part and parcel of the market here

The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share
Auctions now part and parcel of the market here

Yesterday saw the sixth Allsop Space auction take place in the Shelbourne Hotel but a year on from the first, this one was a little different.

Gone were the regular protests outside the hotel and gone was the media circus surrounding the events. Those that were there meant business and the ‘spectator sport’ element of the auction was largely left behind.

In total just under €13 million was raised from 87 sales, with 72 of those selling for above their reserve price.

When Allsop Space held its first auction here in April 2011 it was criticised in some quarters for selling distressed properties.

However, that trend is slowly changing as property auctions become part and part of the current market.

Advertisement

Take the example of the barber who was quite willing to take a haircut for example.

Derek Carberry of Killester Barbers was at yesterday’s auction sweating over the outcome of the sale of the lowest priced reserve for a house in the auction.

He had his house in Cavan listed at 'no more than €15,000', having turned down a bid of €30,000 for it in the run up to the event.

The cheapest units to ever make it into the auction book have so far been private sellers and this one was the cheapest to start off under the hammer (last auction there was a house in Leitrim that listed at €7,500 but it was pulled out of the auction). It eventually went for €39,000 just over 2.5 times the minimum reserve.

Advertisement

Even at this price it was a good deal. The property is sitting on 3/4 an acre of land, fully serviced, with a fully up to date interior. Even if you were able to get the land for free the actual materials that would go into making Lot 42 (we'll strip out labour costs as well) would cost you more than €39,000.

Derek bought the property several years ago for €68k and put a further €20k into it. He was circumspect about taking a haircut after it sold saying that he 'bought it as a holiday home that they didn't use much' and that 'he was going to buy another house instead in Dublin'.

He might have taken a bit of a hit but then again, a lot of people selling through traditional means are taking a hit there too.

Auctions are certainly becoming an alternative means to sell property in the current climate. Several auctioneers had properties go under the hammer on Wednesday with €2.8 million raised from five separate events.

In recent months we have also seen an increase in the number of property auctions around the country in venues such as Galway, Roscommon and Wexford. Indeed, you don’t have to wait long for more homes to go under the hammer.

On the 22nd of this month, Merlin Property will hold their second auction in the Radisson Blu Hotel in Golden Lane in Dublin in conjunction with Murphy Mullan.

The event is a follow-up to their first auction last November, which featured in an RTÉ documentary called Reality Bites. That programme proved arguably more successful than the auction and it shows the appetite for such events that Merlin are reported to be in talks about doing a follow-up documentary for their auction in a few weeks’ time.

With Allsop set to return with another catalogue for their next auction on July 6th, there will be plenty of hammers dropped in the next few months.

With that in mind we’d like to know your thoughts on the process:

[poll id="55"]

[poll id="56"]

[poll id="57"]

[poll id="58"]

Subscribe to our weekly MyHome Living eZine today

Processing your request...

You are subscribed now!

<

  • Tags
  • Allsop
  • Allsop Space
  • auction
  • auctioneers
  • Derek Carberry
  • distressed properties
  • documentary
  • Dublin
  • Friday Feedback
  • Golden Lane
  • holiday home
  • interior
  • Killester Barbers
  • land
  • materials
  • media circus
  • Merlin Property
  • minimum reserve
  • Murphy Mullan
  • MyHome
  • MyHome.ie
  • Radisson Blu
  • Reality Bites
  • reserve price
  • RTÉ
  • Shelbourne Hotel
  • spectator
The MyHome Newsdesk
By The MyHome Newsdesk
Share this article
Facebook Share Twitter Share Linkedin Share Email Share Whatsapp Share

Helpful Links

Find your home on MyHome
Read more Articles
Calculate what you can afford to borrow
Welcome to the Retrofit Hub
Advertisement
Advertisement

Related News

What is a Heat Pump?
Uncategorized

What is a Heat Pump?

Feb 27, 2025
Living Cities Initiative
Uncategorized

Living Cities Initiative

Jan 14, 2025
Digital Services Act
Uncategorized

Digital Services Act

Mar 31, 2024
Avant Money and Finance Ireland announce new rates
Uncategorized

Avant Money and Finance Ireland announce new rates

Dec 09, 2021
Average deposit of first-time buyer was €52,000 in first half of the year
Uncategorized

Average deposit of first-time buyer was €52,000 in first half of the year

Dec 07, 2021
Frequent And Popular Searches
MyHome.ie Blog
Help
Jobs
About
Equality Guidelines
Brand Safety
Contact
Terms & Conditions
Cookie Policy
Privacy Policy
Digital Services Act
Sitemap
© Copyright MyHome.ie 2025
Advertisement