The largest property auction ever in Ireland has concluded at the Shelbourne Hotel on St Stephen’s Green where Allsop Space managed to sell all but eight of the 118 Lots offered on the day, raising €17,779,000 on the day against maximum reserves for the 110 Lots sold of €13,045,000 – an average of 36.3% premium on the maximum reserves quoted. Here are the flash results – click to ENLARGE.
The online catalogue with full Lot details is available here. There will be analysis here tomorrow but with a 93.2% success rate on such a large auction, with most of the eight unsold coming very close to the maximum reserves, with not a single sold Lot realising less than its maximum reserve and nearly €18m raised in the space of just over six hours, Allsop Space will no doubt be very pleased with the result of its eighth auction.
UPDATE: 4th October, 2012. What do the results tell us about prices? This is an unusual week in that we finally have the residential property price register. It is incredible that for the past 18 months the Allsop Space auction provided the best opportunity to observe true price levels for individual properties. This auction analysis will refrain from concluding a price decline from peak, because previously all we generally had for peak were asking prices. The perception on here is that hammer prices were an average of 65-70% off peak asking prices. Comments received from estate agents suggest that the prices at the auction were, unsurprisingly – because (a) estate agents tend not to be in the auction business and (b) auctions tend to no-frills compared to the luxuries of private treaty – lower than those achieved by private treaty, though the sale of the property on Northumberland Road for €685,000 three months after it was bought for €550,000 stands out and contradicts the saw that auction prices are lower than private treaty prices.
There were 2,750 (exactly!) attendees at the auction. The attendees included overseas bidders and it was noted that they were regularly outbid by the locals. Approximately 40% of the purchases were with finance and 60% with cash.
This afternoon, Robert Hoban, the Director of Auctions at Allsop Space told this blog that “Allsop Space was pleased with the auction results and in particular that the property on Northumberland Road fetched €135,000 more at auction than it did through private treaty three months ago. Allsop Space noted that the prices achieved were against the background of the availability of the property price register earlier this week, which added another dimension to the transparency of this auction”
The next Allsop Space auction is now scheduled for 7th December 2012, again at the Shelbourne Hotel on St Stephen’s Green in Dublin, and the auction catalogue is scheduled to be published on 6th November 2012. Robert Hoban says that participation by private sellers in on the increase with every auction, and it is expected that in 2013 there will be even bigger Lot volumes. It seems the mega auction is going to get megaier!
Allsop Space has issued a press release, following the conclusion of the auction which reads “Largest Auction yet Is Busy and Realises €17.8 Million with a success rate of 93%
The largest of the Allsop Space property auctions to date took place today featuring 118 properties being offered, with 9 having been withdrawn prior to auction. 110 properties successfully sold under the hammer. Queues formed outside the Shelbourne and the room was as busy as the first auction in early 2011, with bidders eager to secure their seat for an early 10 AM start. Potential buyers spilled onto the street with an auctioneer even positioned on the steps ready to take bids.
One of the day’s headliners was Lot 43, the former convent of the Sacred Heart in Roscrea, which sold for just €15k above the reserve at €115k. The property consists of several sizeable premises and adjoining land in one of Roscrea’s premium residential locations.
One of the headline stories surrounded Lot 18, 23 Northumberland Road, selling for €685,000, a figure €135,000 more than was paid for it just three months ago by private treaty. The private treaty price only became available as a result of the new Register of Property Prices published by the government 2 days ago.
One lady paid €210,000 (reserve price €100,000) for Lot 16, a coffee shop at 28 The Mall, Beacon Court, Dublin 14. She has plans to build up the business to fund her retirement – The coffee shop is ideally located with steady business from the offices and medical clinics in the Beacon Court.
Doireann Hennebry attended the auction today having bid for properties at previous auction. This time she managed to secure her first home. The 28 year old public affairs graduate paid €163,500 (€100,000) for Lot 74, a Harold’s Cross red brick 2 bed house. Doireann had done her homework and thoroughly researched similar properties on Armstrong Street and was very confident in her purchase.
The largest lot of the day was Georgian property Lot 40, is 34 Fitzwilliam Place and 34 Leeson Close, Dublin 2 which sold for €1.11 million after hectic bidding.
The 4 neighboring houses on the Green Hills Road, Walkinstown sold as one lot for €560K, averaging at €115,000 per house. The four had reserve of €360K for the entire.
Lot 9 in Mountrath, Co. Laois, forming the remainder of a housing development comprising four houses namely, 76, 79, 82 and 85 Rush Hall on Shannon road and 4.3 acres of land. The reserve was €40,000 and it sold for €128,000.
With so many following the auction on twitter, auctioneer Gary Murphy’s remarks to the onlooking audience started trending on #irishauction #garyisms. Telephone and online bidders included those from Nigeria, Switzerland, Australia, Japan and even one gentleman from a golf course in Gibraltar.
According to Robert Hoban, Director of Auctions, Allsop Space, finished by saying, “The record attendance of 2,700 people today is testament to the popularity of the process with the buying public. While many buyers admitted to exceeding their intended limits, they were comfortable to do so in a transparent, fair and open environment.”
Lots 29, 42, 63, 71 and 80, 88 and 96 were withdrawn. The Christmas Allsop Space Property Auction will take place on Wednesday, 7 December at the Shelbourne Hotel. http://www.allsopspace.ie.”