Last featured on these pages on the edition of August 18th last, a 67-acre farm in East Cork was successfully sold at public auction last Thursday.
Selling agent Michael Barry of Fermoy-based auctioneers Dick Barry & Sons was anticipating a good turnout for this farm in Bridepark, Conna and was expecting it to be a good barometer of the state of the local agricultural land market.
With approximately 40 people in attendance at the Quays Bar in Fermoy, bidding opened at €800,000 (€11,900/acre), just under the stated expectation of €12,000 per acre.
With two active bidders involved, bids followed quickly thereafter, in increments of €10,000 and €5,000 until the price reached €910,000.
After a brief recess, bidding resumed, with Michael Barry announcing that the property was now on the market. The two original bidders were then joined by a third party and within ten minutes, the hammer fell on a price of €1,025,000. At €15,300 per acre, the farm exceeded pre-auction expectations by more than €3,000/acre. The property was bought in trust by Brian Olden, of Cohalan Downing Auctioneers.
"There were three genuine strong customers for the land", said Michael, “which confirms the continued strong demand for agricultural land".