The crowd witnessed the first signs that things maybe starting to recover in the property market when O’Donnellan & Joyce’s monthly auction was packed to capacity with a large number of investors and owner occupiers bidding on the 14 properties which were sold under the hammer. The belief within the 400 capacity crowd was that now is the time to re-enter the market with properties now starting to give an excellent return at a very low cost base.
The highlight of the afternoon was Donoratacio House, Newcastle, comprising five self-contained apartments with underground parking. Bidding commenced at €350,000 and within five minutes it was brought up to €450,000, which was the reserve price, and placed on the market. Eight individuals bid from all over the room and it went up to €640,000 in a matter of minutes. With two remaining interested parties, bidding increased in increments of €2,000 until auctioneer Colm O’Donnellan dropped the hammer at €646,000, €190,000 in excess of the anticipated price.
The auction commenced with a low priced house at No 2 Carrick Road, Shantalla. Comprising 400sq ft, this one bedroom townhouse was in need of extensive refurbishment. Bidding opened at €45,000 and it was placed on the market at €55,000, being the reserve price. It eventually sold for €78,000 to a delighted first time buyer; this was €23,000 above the reserve price.
No 63 Henry Street, an end of terrace townhouse, also attracted tremendous interest. Bidding commenced at €88,000, with four individuals bidding intensely on the property and it was placed on the market when it reached the reserve price of €100,000. After a rapid period of bidding, it was eventually sold at €130,000, to tremendous applause from the large attendance. It sold for €30,000 above the reserve price.
The next property to be sold was at Gort Ard, Clarinbridge, a four bedroom detached residence in need of extensive refurbishment standing on a 0.5 acre. Bidding commenced at €82,000 with six individuals bidding intensely on the property until it was purchased for €136,000, €38,000 above the AMV.
The next property to be sold was a detached residence at Moyvilla, Oranmore, on a 0.5 acre site. This four bedroom detached residence provided the perfect family home. Bidding commenced at €190,000 and increased in increments of €2,000. Three individuals chased the property until it was eventually sold for €246,000, €36,000 above the reserve price.
No 17 Tara Grove, Wellpark, attracted tremendous interest from both owner occupiers and investors and was one of the best auctions of the afternoon. Bidding commenced at €140,000 and within three minutes it was placed on the market by auctioneer Colm O’Donnellan at €150,000. Bidding was intense with five bidders chasing the property, until eventually the auctioneer’s hammer came down at €184,000, which was €34,000 above the reserve price.
A four bedroom townhouse at No 22 Dun Aengus saw two individuals bid on the property up to €148,000 ,and when the auctioneer consulted the vendor, who instructed him to sell the property at less than the anticipated reserve price of €150,000, a fresh bidder entered the fray and it was sold at €153,000. This was €3,000 above the reserve price.
A semidetached residence at No 200 Castlelawn Heights, Headford Road, attracted investors and owner occupiers alike. Bidding commenced at €120,000 and within minutes reached the reserve price of €130,000. With four individuals bidding on the property, it rapidly reached the selling price of €157,000. This was €27,000 above the reserve price.
No 69 Prospect Hill, a commercial building located just off Eyre Square, saw bidding commence at €68,000 and two individuals bid intensely for the property which was sold for €80,000, the reserve price.
A five bedroom detached residence at Coorheen, located two miles outside Loughrea, was also sold. Bidding commenced at €120,000 and two individuals bid in increments of €2,000; it sold for €142,000. This was €7,000 above the reserve price.
No 46 Glasan, Ballybane, a three bedroom townhouse located adjacent to the GMIT student complex of Glasan, attracted two parties and bid from €70,000 up to the selling price of €84,000. This was €4,000 above the reserve price.
Prior to the auction three properties were snapped up by purchasers and favourable deals were negotiated for the sellers rather than letting them go forward for auction. These were No 57 Threadneedle Road, Salthill, which had an AMV of €250,000; the Merriman Hotel of Kinvara with an AMV of €400,000; and a house in Tooreeney, Moycullen, with an AMV of €305,000. All three properties were sold just prior to the auction for undisclosed sums.
According to Colm O’Donnellan of O’Donnellan & Joyce the auction team were delighted with the huge attendance, and in particular to see so many investors in the market as well as owner occupiers, all trying to acquire properties at prices which are regarded as discount value.
O’Donnellan & Joyce’s next auction will take place on November 9. People interested in registering can contact the O’Donnellan & Joyce auction team of Colm O’Donnellan 087 2887446, Tony Joyce 086 2529110, and Anne Harding 086 8173335.