45% of auction property in capital

Properties sold at auction are on average selling for 65% below peak asking prices, Central Bank research shows.

The research, by economist Eoin O’Brien, studies the effect on the Irish property market of the Allsop auctions which have cropped up on a regular basis since early last year.

Mr O’Brien’s analysis also found the majority of sales at such auctions were cash sales, and Dublin- based properties achieved prices closer to original market asking prices than properties based outside the capital. The research also showed houses have achieved better prices than apartments at auction.