herald

Tuesday 21 August 2018

Two-bed sells for €90k as standing-room only auction proves huge hit

APARTMENTS were the bargain of the day in the latest monster property auction in the capital, and plenty of investors and home hunters were on hand to pick up the tabs.

Six large residential complexes in Dublin fetched a combined total of €12.3m in the latest Allsop Space auction which was held in the RDS yesterday.

The Castle Terrace Court estate is located in Malahide, Co Dublin, and is comprised of 23 apartments.

The majority of the homes are currently occupied by tenants, but one investor scooped the lot for €4.5m. The Hollows complex of 27 apartments and town houses in Lucan also went under the hammer for €4.15m.

A Dundrum complex with 12 one-bedroom apartments went under the hammer for €1.45m after a closely contested bidding match. In Francis Street, eight apartments went for €925,000, €125,000 in excess of the reserve price. Meanwhile, in Newcastle, Dublin West and entire development of 14 residential units sold for €875,000.

In Clondalkin, a complex containing five apartments and a small detached bungalow was picked up for just €415,000.

More than 1,500 people filed through the doors of the main hall in the RDS from early morning, and there was standing room only as the bidding contest heated up.

Robert Hoban, director and auctioneer with the company, was pleased with the days proceedings. He said that the large crowds were likely to have been attracted by the large catalogue which contained 262 lots, as well as "the market slowly improving in areas".

"The positives to take out of it is that there are a lot of people looking to invest in the market, that is going to increase the level of transactions," he added.

"For the Dublin lots, prices are being achieved well over the reserve consistently."

MINIMUM

However, it was the bargain hunters who won out, with several properties selling for the minimum reserve price.

A mid-terrace three-bedroom home in Stillorgan sold for its reserve price of €325,000, while a two-bedroom apartment in Balbriggan sold for just €90,000.

Rui Lin (19) was pleased with his purchase, after snapping up a two bedroom apartment in Bray for €165,000. The Chinese native said that it was his first residential purchase here in Ireland.

"I think the Irish economy is getting better," he said. "I think it is getting better, and I think we got a good price."

hnews@herald.ie

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