IAM Sold Property Auctions, which runs the Connacht, Munster, Leinster, and Northern Ireland Property Auctions, has announced its most successful quarter to date selling more than 200 properties throughout Ireland and Northern Ireland. Its online auctions service has experienced continued success throughout the past few months and has proven a great option for property owners looking to sell during this unusual year.
Despite the disruption to the market during lockdown, July, August, and September proved to be some of the busiest months for property sales in recent years. Patrick Folan, director of IAM Sold, commented: “We have experienced extremely high demand on the majority of our auction lots throughout the last quarter, and indeed into the first weeks of October. Due to restrictions this year we moved all scheduled public auctions to our online auction platform which has worked out very well for us. Bidding and results have been particularly strong since we recommenced viewings in June and I think we have all been a bit surprised at the level of demand since then.”
While demand across Ireland remains high, properties on the market have dipped to a 14 year low, with property portal MyHome.ie revealing that stock levels are down 25 per cent compared with this time last year. This combination of low supply and high demand has led property asking prices to be driven upwards since the reopening on the property industry in mid-June. MyHome.ie's quarterly report stated: “Quarterly asking prices inflation rose by 5.2 per cent nationally, the highest figure since Q1 2017, when it stood at 5.5 per cent.”
Patrick Folan added: “With the low supply and the strong demand levels we are currently experiencing, now is a great time to market properties. For vendors considering selling we have thousands of registered applicants looking to purchase through our online auction which is the one of the fastest routes to buy and sell property. Mr Folan was also keen to point out that it is not just one type of property that is moving best in the market at the moment, but rather a wide range of properties.
For example, in Connacht a large six bed period property on on the outskirts of Tuam, Co Galway, sold for €280,000 in partnership with Property Partners Emma Gill. During the same online auction a three bed refurbishment project was sold for €55,000 in Crossmolina in partnership with Gerry Rowland auctioneer.
During the Munster auctions an excellent investment property was offered for sale in Limerick city with a starting bids price of €60,000. This three bed duplex property was offered in partnership with Rooney auctioneers and sold for €90,000. In Faha, Co Kerry, a traditional three bed dwelling ideally perched on an elevated site in the foothills of the Mount Brandon range was sold. The property which was offered at bids over €130,000 in partnership with Fitzerald, Dingle and after 65 bids the property sold for €201,000.
The Leinster Property Auction has also experienced a strong appetite for a wide range of property types including a modern, fully tenanted, industrial building located in the Clondalkin Business Park, Dublin 22. The property was sold in partnership with Vincent Finnegan auctioneers for €507,000, €57,000 above the reserve price. A multi-unit commercial building on Main Street, Cellbridge sold for €500,000 with Re/Max team Lorraine Mulligan. Elsewhere, in Carlow town, a three bed family home was sold in partnership with Kehoe auctioneers. This semidetached property in good condition successfully sold for €140,000.
For those thinking of selling, there is still time to enter properties into the company's November and December online auctions. The auction team are encouraging property owners to make contact with them to arrange an initial valuation on 091 882 121 or visit www.iamsold.ie