The fourth Connacht Property Auction of 2014 was held on Tuesday, 11 November in the Menlo Park Hotel. There has been a lot of positivity in the property market this year and the auctions held by The Connacht Property Auction were proof of this.
The auctions in 2014 have had an 87 per cent average sold ratio which each auction offering between 20 – 30 properties. In addition to this, many more properties were sold on the online auctions, which are growing in popularity due to the high volume of sales being achieved by the auction team.
Of the 27 properties on offer for this auction, there were ten properties from Mayo, nine properties from Galway along with other properties in Leitrim, Clare, Roscommon, and elsewhere around Connacht.
There was pre-auction interest in 307 Castlepark, Ballybane which was offered in partnership with Keane Mahony Smith. The property is a three bedroom semi-detached property in good condition and excellently located close to GMIT and Parkmore Business Parks. A bid of €85,000 was accepted on the property and the owners were delighted with the sale, which was over 20 per cent higher than the starting bids price of €70,000.
Another property which received strong interest was Slieve, Dunmore which was being offered in partnership with Ger Hanley Auctioneers. The property is a traditional two-bedroom cottage being offered in a rural location close to Dunmore. There was strong bidding on the night of the auction and the hammer was dropped at a final bid of €55,000.
There was also several interested parties in Lot 23; Cornarone, Inverin which was being offered in partnership with BV Commercial. This four bedroom bungalow built in the 1960s is located in a lovely setting close to Inverin and coming with four acres of lands. The sale also included the ruins of a cottage with the potential to restore. The property was sold prior to the auction with bidding coming to a finish at €110,000.
“There is certainly an increase in activity in the market and we had multiple enquiries and viewings on all the properties offered here tonight,” said Patrick Folan of the Connacht Property Auction. “The key to the success of our auction is that both cash buyers and mortgage purchasers can buy through the auction, ensuring we give everyone a fair chance at buying. And with no entry fees or marketing costs to enter a property into our auctions, the pressure is on us to ensure we achieve results for our clients.”
The Connacht Property Auction is now welcoming entries for their ongoing online auctions and their upcoming public auctions. With hundreds of registered buyers and the impressive success rate, it seems the Connacht Auction is the way forward for property owners looking to sell.
To discuss selling a property by auction or to arrange a free valuation, call the auction team on 091-882121 or visit the website www.connachtpropertyauction.ie.