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Investors rush online to acquire property in Ireland

Allsop's largest ever online Irish property auction saw 54 out of the 85 residential and commercial properties sold at a total sales value of almost €8m (£6.2m). 

It was another action-packed online auction with bidding starting within seconds of the auction going live. The majority of lots had multiple bidders, with the number of registered bidders continuing to increase and properties selling for on average 36% over the reserve price.

The online auction catalogue featured a wide selection of both residential and commercial properties throughout the country. Dublin properties featured prominently in this catalogue with a number of apartments and commercial investments on offer.

Residential

Over 25% of the online auction residential properties were located in Dublin and achieved good results. Highlights include Lot 10, a vacant semi-detached three bedroom house in Deansgrange sold for €275,000 (213,400) after 23 bids from three bidders; intense bidding for a mid-terrace house with six x bedsits in Rialto which saw 71 bids between seven bidders over two hours selling for €235,000 (£182,400); and Lot 2, a ground floor one bedroom apartment in Cherry Orchard sold for €106,000 (£82,300) after 53 bids.

Other highlights include Lot 87, a detached three bedroom house on the shores of Lake Mask, sold for €217,000 (£168,400); Lot 31, a semi-detached four bedroom house in Knocknacarra near Galway City, sold for €222,000 (£172,300) after 10 bids; and Lot 44, 2 x three bedroom terraced houses in Bettystown, sold for €181,000 (£140,500).

Commercial

This online auction offered the largest amount of commercial properties so far with all but two properties selling. Commercial property buyers showed enthusiasm for online bidding, and this, coupled with the strong demand for commercial property, resulted in average sales of 47% over the reserve price.

The highest value property sold through the Allsop online auction process was Lot 47, a ground floor retail unit leased to Bank of Scotland with three x apartments in Navan. This lot was a late entrant into the online auction and sold for €860,000 (£667,600) after 64 bids from 10 bidders.

Other highlights include Lot 5, two adjoining warehouse units in Greenogue Business Park sold for €357,000 (£277,000) after 39 bids; there were two bidders for Lot 68, an industrial investment property in Greenhills Industrial Estate sold for €346,000 (£268,500) after 35 bids; Lot 38 saw competitive bidding between seven bidders for two x self-contained retail units at ground floor level together with three x apartments overhead in Quin, Co. Clare, selling for €300,000 (£232,800) after 46 bids; Lot 64, two shell and core office suites in Navan sold for €231,000 (£179,300) after 56 bids from five bidders; and Lot 1, a ground floor take-away unit together with a first floor two bedroom apartment in Dun Laoghaire sold for €226,000 (£175,400) after eight bids from three bidders.

Ellen Prenderville of Allsop Online Auctions commented: “We are delighted with the results achieved. The success of the commercial offering highlights the appetite from commercial investors for online bidding, this is supported by the average premium of 47% achieved above reserve price.”

You can view the online results by clicking here.

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    Interesting, but it was expected. And that is a big step "Allsop's largest ever online Irish property auction saw 54 out of the 85 residential and commercial properties sold at a total sales value of almost €8m (£6.2m). " I expect this rate to go higher in the next 2-3 years.

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