Buyers really clicking with online auctions
Over the last month, online auction specialists iamsold noted that the levels of new stock coming to the market has seen a significant uplift and demand from buyers also remains very strong.
Company Director Patrick Convey said: “The number of residential listings overall on the market in Ireland have seen a small increase of one per cent since the end of January. However, listings on the online auctions have increased by three per cent in February and then jumped by ten per cent in March. The recent jump in listings is down to vendors looking for more speed and security in the sale.”
He continued: “We work alongside 300 auctioneers in Ireland and they offer the normal private treaty process and also the binding bids/online auction route in partnership with iamsold.
“Partner auctioneers make their clients aware of their different offerings and vendors are often opting to go straight into the binding bids route as it provides more speed and security.
“Interested parties visit the property as normal and then can review the legal pack before deciding to bid. Once happy with the property legal pack, the buyer pays down a bidder security deposit which is non-refundable once the bid is accepted. The bidding process is transparent and benefits from fixed timeframes of between four and six weeks to complete the sale.”
One successful recent sale was that of 49 Main Street, Dungarvan, Waterford by Radley Auctioneers. The well presented commercial building sold for €560,000.
In Clare, a substantial land holding was offered for sale as one lot by Arthur & Lees Auctioneers, Ennis. The property, Knockclara and Cloontymurphy, Barefield, Ennis offered approx. 34 acres (in three lots) of land with substantial road frontage, a two bed property in need of significant repair, and the opportunity to develop the land further. It wassold to a local buyer for €350,000.
In Limerick, 16 Hyde Avenue, Ballinacurra Weston, was offered to the market by John Shaw Auctioneers Ltd at bids over €65,000. This three bed end of terrace property sold for €71,000.
The highest value sale took place in Dublin 7 where a substantial investment portfolio of six apartments in Villa Springs was sold by Olivia Needham Property. The apartments sold for €1.25m.
iamsold is now taking entries for the upcoming auction dates which are 14 April and 19 May.