Kilkenny “mega-auction”, 2 of the 20 properties sold!

The Irish Times reports on the results of the widely publicised auction by Sherry FitzGerald McCreery where 20 properties were previously said to be up for sale. In the event 2 properties sold with one going for €212k against a price of €320k 12 months ago (an annual rate of decline of 34%, compared with the last ESRI/Permanent TSB rate of 18.5%) and another sold for €350k which the agent claimed at the height of the boom would have achieved €700k.

Nothing of any real statistical significance can be inferred from such a small sample, though the low number of sales (to be fair, the organisers said another 6 sold before the day and 2 after though their completion status and terms are not known) and the discount from 12 months ago would indicate the market is still in a very weak state and that prices continue to fall – the ESRI/Permanent TSB index being published in April 2010 might shed more light on the market.