The second Connacht Property Auction of the year was held on June 12 in the Clayton Hotel, Galway. There was strong interest in most of the properties with the Connacht Property Auction noting it undertook more than 200 viewings on the various properties in the lead up the auction. There were six properties in Galway sold along with properties in Mayo, Clare, and elsewhere around Connacht.
There was particularly strong interest in a four bedroom detached property in Ballybrit Court, Galway, sold in partnership with Keane Mahony Smith. The auction team noted 14 interested parties on the property with bidding starting at €190,000, and the hammer falling at €218,000.
Another property of note was a three bed semidetached property in Hymany Park, Ballinasloe, sold in partnership with Paddy Keane auctioneers, Ballinasloe, for €28,000. Also offered was an impressive property with split commercial and residential use in Main Street, Oughterard, which sold before the auction for €115,000 in partnership with Spencer auctioneers.
An impressive 17 out of the 20 properties offered were sold, giving the auction team an 85 per cent success rate.
“There is certainly an increase in activity in the market and we had multiple enquiries and viewings on all the properties offered here tonight,” said Patrick Folan of the Connacht Property Auction. “The key to the success of our auction is that both cash buyers and mortgage purchasers can buy through the auction, ensuring we maximise the interest in the property and give everyone a fair chance. And with no entry fees or marketing costs to our auctions, the pressure is on us to ensure we achieve results for our clients.”
The Connacht Property Auction is inviting entries for its upcoming public auctions and online auction. With hundreds of registered buyers and the impressive success rate, it seems the Connacht Auction is the way forward for property owners looking to sell. Demand for property seems be strong with the March auction selling 20 of 22 properties. This auction company, which works in partnership with a host of estate agents from across Connacht, offers properties for sale via its online auction and public auctions. And with no upfront costs or marketing fees, this option is becoming increasingly attractive.
The Connacht Property Auction system has several distinct advantages over traditional auction. Before the auction, a realistic reserve price is agreed with the vendor, giving the owners complete control over the minimum price they will receive. All properties are marketed over a 45-day online auction initially which allows the auction team to advertise the property, undertake viewings, and take bids at any stage during the 45 days. All bids are put on the auction website so parties can see the current highest bid. If bids have met or exceeded the agreed reserve price at the end of the auction, the property will automatically go to sale agreed. Both vendors and purchasers benefit from the transparency and speed of the sale and there are then fixed timeframes for the sale to be closed. Properties can also be put forward to the public auction events, which take place in the Clayton Hotel. Again there are no upfront costs to enter the auction, and the properties are marketed heavily in the lead up to the auction. Again bidding is open to all parties and the highest bidder secures the property providing the reserve price has been met.
The Connacht Property Auction is now welcoming entries for its ongoing online auctions and its upcoming public auctions in 2014.
To discuss selling your property by auction or to arrange a free valuation, call the auction team on 091 882 121 or visit the website www.connachtpropertyauction.ie