87% success rate at final Allsop Online Auction of the year

The final Allsop Online Auction of 2015 took place on Wednesday with bidding opening at 8am and closing just before 3pm. A success rate of 87% was recorded with 45 out of 52 properties sold at a total sales value of €3,850,000. This represents average sales at 34% over the reserve price.

The total sales across all four Allsop Online Auctions in 2015 amounts to over €23m with 193 properties sold.

The first lot of the day set the tone for the auction with enthusiastic bidding for a two bedroom apartment in Clondalkin which sold after 29 bids for €140,000. Following that, 9 more lots sold one after the other at an average of 34% over the reserve price.

For each auction we have noted an increase in the number of registered bidders and interested parties and this auction proved no exception. We recorded the highest number of registered bidders at 308, a 23% increase on the October auction. The property with the most bids was Lot 17 – a semi-detached three bedroom house in Drogheda which sold for €160,000 after 55 bids from 6 bidders. The property with the most viewers and bidders was Lot 33 – a ground floor two bedroom apartment in Carlow which had 55 registered viewers, 12 bidders and sold for double its reserve at €66,000 following 36 bids.

Almost 80% of the properties for sale at this online auction were vacant, offering great buy-to-let and owner occupier investment opportunities. Perhaps a good indicator of the need for properties, particularly in urban locations, due to the shortage of houses and apartments currently on the rental market.

Property highlights include a second floor two bedroom apartment in Ballinteer which sold for €235,000; and there was exciting bidding for a two bedroom apartment in Douglas which saw 8 bidders compete for over 2.5 hours and after 35 bids the property sold for €170,000; and more frantic bidding took place for an end of terrace three bedroom house in Castletroy which had 6 bidders and sold for €115,000 after 45 bids.

Other properties which proved very popular included two interconnecting industrial units in Rathnew which sold for €205,000 following 13 bids; a detached three bedroom house in Kildare town which sold for €207,000 after 20 bids; and a duplex two bedroom apartment in Lahinch which sold for double its reserve at €83,000 following 27 bids from 7 bidders.

Ellen Prenderville, Online Auctions, Allsop commented: “We are delighted with the success of our fourth online auction, the increase in bidders and the success rate achieved shows the appetite for online buying from investors and home owners alike. The engagement from both local and international investors has continued with the ease of the process enabling bidders to compete with one another no matter where they are based.”

Click here to view the online auction results.

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