ZARA ZHUANG
A three-bedroom apartment on Parliament Street, Dublin 2, has been sold for €355,000, more than 75 per cent over the reserve price of €200,000.
"We didn't expect it to sell for so much above the reserve price," said Robert Hoban, director of auctions at Allsop Space.
“We normally have an average of 30 per cent over reserve price, so we had every reason to expect the same might happen, but when you’re looking at something like Temple Bar, (it’s) such a popular area.”
“The city centre market is hot at the moment.”
In Castleroy, Co Limerick, a collection of 36 apartments located within 1.5 km of the University of Limerick posted the highest reserve price all morning - €1.6 million - and eventually sold for € 2.4 million.
“(The property) has got very good income from the students, but it was great to see because it shows the investment market is good,” Mr Hoban said.
The Allsop Space property auction is being split into two days for the first time to accommodate the 311 properties - about 100 commercial and over 200 residential - up for auction this round.
Previously, commercial properties were sold in the morning and residential ones in the afternoon.
The split had been planned for next year, Mr Hoban said, but it was brought forward to December because of the demand for it and the number of properties on sale. Previous auctions saw about 200 properties in total up for sale.
But Mr Hoban added that the main reason for the split was the different profile of the buyers between commercial and residential.
On Tuesday, “it was professional buyers, very business-like, straightforward, matter of fact,” Mr Hoban said. “Today is sort of family oriented, a lot of families (are) here buying residential properties and some investors buying tenanted properties, so (it’s) a different atmosphere.”
Commenting on the sales made this morning, Mr Hoban said, “Tenanted properties have been doing very well, and that’s perhaps a reflection of the increase in the rental market.”
“Rental prices (are) still on the increase so investors are keen to purchase income-producing rental properties.”
The Allsop Space auction has proceeded without any disruption, unlike in February when a group protested at the auctioneer’s offices.
All people attending the auctions pay a € 15 administration fee, and if they do purchase a property they pay an additional € 185.
