On Friday April 16 at 12 noon, auctioneer Colm O’Donnellan welcomed the people of Ireland into his digital auction room which was broadcast remotely on the O’Donnellan & Joyce company website and social media platforms for all to see. Speaking to the audience through smartphones, tablets, and computers in homes and offices across the country and indeed abroad, Colm O'Donnellan outlined how the live stream auction works and went on to show how his digital auction room had transformed the way that property sales are conducted.
O’Donnellan & Joyce auctioneers has been in business for nearly 40 years, and in that time the company has faced numerous challenges in terms of property sales between recessions and depressions in the market. This long lasting pandemic has demanded an innovative approach but O’Donnellan & Joyce has demonstrated that it has the technology, the manpower, and the determination to survive the current day to day challenges and to deliver on its promise to buyers and sellers of property both locally and nationally.
The April auction which took place last week was highly successful with 80 per cent of properties sold from the podium and some of the remaining lots now under offer. This may seem surprising to some, but with the introduction of virtual tours and video walkthroughs, many people are purchasing homes without even physically viewing them. Under the current Government restrictions, physical viewings are not allowed but given the demand for housing, these restrictions have not stopped the sales and the prices are still very strong indeed.
The O’Donnellan & Joyce nationwide property auctions quickly became the live stream property auction to watch throughout 2020 as Colm O'Donnellan and his team offered cutting edge performances to their national and now international audience. With an 83 per cent average success rate throughout 2020 despite obvious challenges, the company began 2021 with an even greater achievement – a 90 per cent success rate at the first of seven live stream auctions of 2021. April brought a greater selection of properties and with that, nearly €3 million in sales revenue.
O’Donnellan & Joyce virtual property viewings were available on all lots and these could be viewed across social media, the company website, and on the various property portals. The remote nature of the video tours meant that a much greater audience could get a feel for any property in which they had an interest. Advanced features that were recently added to the O’Donnellan & Joyce virtual tours even let viewers measure the length of a wall or plan the furniture choices for their future home.
Having nearly 200 pre-registered bidders committing a booking deposit of at least €5,000 towards their desired property, signalled to the team that there is still a great deal of money available in the market place and individuals are still willing to buy despite not being able to physically view any property over the last number of months.
Commencing at 12 noon last Friday, Colm O'Donnellan kicked off with Lot 1 - No 38 Ardilaun Road, Newcastle. Guiding at €210,000, a fair valuation given the extent of renovation and upgrade works required, the company was staggered at the level of interest. Siobhra Hennessy, senior auction co-ordinator, noted: “There is an increasing demand for city centre homes in need of repair. Couples want to put their own stamp on a property and often look for properties similar to this.” The auction for this lot was high paced. Bidding commenced at €210,000 but quickly rose to €290,000 before the hammer fell and the deal was done.
After the auction, Colm O'Donnellan added: “The willingness of the market to pay for a property in this state is a sign that there is money available and people are willing to buy. Our next auction is on June 4 and if you have a property that you are considering selling, give us a call and we promise to maximise your return.”
Lot 2 of the day was a two bedroom apartment in the much acclaimed apartment complex of Wyckham Point in Dundrum, Dublin 16. The property attracted great attention from the market with many inquiries and bidders pre-registering to purchase the lot. The apartment would prove to be an excellent investment and overlooks a large communal area to the front. Bidding on this lot commenced at the AMV of €380,000 and quickly concluded at a sale price of €415,000 after fast and intense bidding from multiple interested bidders who tried to purchase via internet, telephone, and proxy bidding.
Lots 4 to 10 comprised a number of land lots along the Headford Road from Ballindooley to Sylaun. With great interest in all lots and more than 60 bidders registered across the various lots, the AMVs of €1,000 for the smaller lots and €40,000 for the largest holding were greatly exceeded, with the same lots selling for €19,500 and €195,000 respectively. Agricultural land of this nature is greatly sought after and some lots may benefit from development potential in the future. With the shortage of new homes available to the market, it is no wonder these green field sites were so strongly pursued.
Lot 12 was a three bedroom terraced home located at No 135 Bohermore, Galway. Newly renovated and within minutes of Eyre Square, this property attracted many willing buyers. The 3D virtual tour was accessed more than 4,200 times by viewers around the globe. This superb property situated in the heart of the city also enjoys a very long garden to the rear which could facilitate a good size extension if required. With that in mind, many bidders pitched for the property with bidding opening at the AMV of €220,000. After a quick stint of fast paced bidding, the sale concluded at €270,000.
Siobhra Hennessy of the auction team noted: “Many couples and young families contact the office each day looking for homes like this in and around the city centre. With some budgets larger than others, it can often be difficult to find the perfect home and the right price. If you have a property that you are thinking of selling, why not consider contacting the auction team for a free ‘thinking of selling’ valuation. You might be surprised how much your property is worth.”
Other lots that sold on the day were Roscommon and Mayo properties brought to the market by the O’Donnellan & Joyce auction team. Varying in price and style, the auction catalogue often includes properties that are suitable for every budget and requirement. From detached homes in Roscommon to characterful apartments in Castlebar, O’Donnellan & Joyce have sold them all in both this auction and past catalogues.
Achieving an 80 per cent success rate in the second auction of the season, Mary Fahy, auction sales agent, commented: “We are looking forward to a busy year of property sales and excellent results. Of course we would like to get back to face-to-face viewings and live auctions, but with the introduction of virtual viewings and live stream auctions, we have been able to reach an even greater audience through the use of technology. We look forward to delivering on our promise to sellers of achieving the best possible sale price for them.”
While O’Donnellan & Joyce is still doing business, the office is closed to the public and staff are working from home. Virtual viewings are available across many of the available properties on www.odonnjoyce.com
O’Donnellan & Joyce’s next property auction is on Friday June 4. The company is offering a free ‘thinking of selling’ valuation to anybody who is considering selling a property. To avail of the offer, all you have to do is call or email the auction team and a member of staff will arrange to carry out a valuation of your property. The team can be contacted on 091 564 212 or by emailing [email protected].