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Cash at property auction 'often higher'

PRICES achieved at Allsop Space property auction in 2012 were often higher than by private treaty.

The company identified that there was an almost even split between cash and financed buyers -- at 47pc and 53pc in particular. The firm's first ever auction in April 2011 recorded 85pc cash buyers.

Robert Hoban, director of auctions at Allsop Space said: "A number of interesting facts have been revealed by the data. It's a myth that prices achieved at auction are lower than private treaty."

Mr Hoban said that there were over 50 telephone bidders per sale, showing a high level of overseas participation.

Irish expatriates based in the US, Australia, Canada, UAE, New Zealand and Switzerland primarily with engineering, pharmaceutical and IT professionals account for a significant portion of overseas interest.

Their primary interest has been in large urban investment properties and also smaller properties located near their hometowns.