The fourth Connacht Property Auction of 2014 was held on Tuesday November 11 in the Menlo Park Hotel, Galway. There has been a lot of positivity in the property market this year and the auctions held by The Connacht Property Auction were proof of this. The auctions in 2014 have had an 87 per cent average sold ratio which each auction offering between 20 and 30 properties. In addition to this, many more properties were sold on the online auctions which are growing in popularity due to the high volume of sales being achieved by the auction team.
Of the 27 properties on offer on November 11, there were 10 properties from Mayo, nine properties from Galway, along with other properties in Clare, Roscommon, Leitrim, and elsewhere around Connacht.
There was particularly strong interest in O’Huiginn’s pub in Kiltimagh which was being offered in partnership with John Higgins auctioneers, Ballyhaunis. The property was offered with full seven day licence and overhead accommodation and was a fine example of the value for money in the current market. There were a number of bids put forward in the room with the hammer falling at €85,000. Another property which also received strong interest at the auction was Slieve, Dunmore, which was being offered in partnership with Ger Hanley auctioneers, Claremorris. The property was an older two bedroom cottage being offered in a rural location close to Dunmore. Again there was significant interest in the property with bidding coming to a finish at €55,000.
A bungalow in Drummindoo, close to Westport, received significant interest which was being offered in partnership with O’Malley Properties, Westport. The property offered four bedrooms located on a large site and with a separate apartment included in the sale. It was sold at €161,000 with the new owners delighted with their new home.
One of the larger sales of the auction group was on Distillery Road, Westport, which was being offered in partnership with O’Malley Properties, Westport, and received strong pre-auction interest. This fantastic property offered excellent potential and consists of two semi-detached period houses in a town centre location of Westport. This property was sold prior to the auction with bidding coming to an end at €297,000.
An impressive 23 of the 27 properties offered were sold giving the auction team an 87 per cent success ratio. Patrick Folan of the Connacht Property Auction was quoted as saying “there is certainly an increase in activity in the market and we had multiple enquiries and viewings on all the properties offered here tonight. The key to the success of our auction is that both cash buyers and mortgage purchasers can buy through the auction, ensuring we give everyone a fair chance at buying. And with no entry fees or marketing costs to enter a property into our auctions, the pressure is on us to ensure we achieve results for our clients.”
The Connacht Property Auction is now welcoming entries for its ongoing online auctions and upcoming public auctions. 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.
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