85% of properties sell at Allsop’s first Online Auction of 2016
The first Allsop Online Auction of 2016 took place on Wednesday 16th March. A success rate of 85% was recorded with 51 out of 60 properties sold at a total sales value of over €6m.
There was enthusiastic bidding from the off with the first bid taking place 53 seconds after the auction went live at 8am. We observed multiple bidders for the majority of lots and, following the usual pattern from previous auctions, most of the exciting bidding took place in the last few minutes. The number of registered bidders increased along with an increase of 23% in the number of bids taken for this auction – over 1,100. Interestingly, over 50% of those bidding used mobile devices such as phones or tablets. 94% of the buyers were based in Ireland, with 71% living local to the property purchased. The property with the most bids was lot 21 – a detached three bedroom house in Clane which saw fast-paced bidding from 2 bidders and sold for €301,000 after 64 bids.
Dublin properties sold well; one example was the first lot of the day, a first floor two bedroom apartment located in the Blind Quay development in Temple Bar, which set the tone for this online auction with 46 bids between 4 bidders – it sold for €239,000. Other Dublin highlights include a vacant ground floor three bedroom apartment in a gated development in Drumcondra which sold for €327,000; a second floor one bedroom apartment in The Richmond, North Brunswick Street which sold for €144,000 after 39 bids from 7 bidders; and a one bedroom apartment in the Waterville Development in Blanchardstown which sold for €163,000 after 29 bids from 5 bidders.
Other highlights include two multi-unit residential properties – an investment block with 6 apartments fully rented in Upper John Street, Cork with a total current gross rent reserved of €56,184 p.a., sold for €510,000; and a portfolio of 20 x three bedroom student apartments on the Old Cratloe Road, Limerick with a total current gross rent reserved of €85,860 per academic year, sold for €505,000.
100% of the commercial properties sold through the online auction process. Highlights include both retail and industrial properties – a modern warehouse unit in Rathcoole was sold for €113,000 after 29 bids from 8 bidders while 3 bidders competed for a modern warehouse unit on the Old Mallow Road, Cork which sold for €115,000 after 19 bids.
Ellen Prenderville, Online Auctions, Allsop commented:
“The results from the Online auction highlight the growing popularity of the process by our buyers. We have noticed an increase in the average number of bidders per property, which shows the growth in demand for buying properties online. The technology provides transparency for both buyers and sellers. The addition of commercial properties to the offering has proven highly successful.”