Stock worth €34m picked up at latest Allsop auction

Prices at the floor of the country’s property market continue to rise as €34m worth of stock was picked up at the latest Allsop Space auction in Dublin.

The regular event, which had previously revealed the stark collapse in values for distressed properties, saw its previous sales’ record of € 29m broken.

The auction had 115 properties up for grabs and 60% of these were commercial units. Many sold for higher values than was expected.

An office block on Dublin’s North Circular Rd had been marketed at a range of between €5.5m and €6m but surpassed the higher amount by €250,000. Six apartments in nearby Phibsborough sold for €760,000 — well in excess of the €450,000 reserve.

A single-bed apartment in Templebar changed hands for €180,000 having been advertised for €105,000.

But there was also signs of a pick up outside of Dublin with a bidder paying €380,000 for nine apartments at Athenry shopping centre which had been pitched at €275,000.

The highest profile item on the catalogue happened to be the lowest priced.

But even this partially completed four-bed house in Maghercorran, Donegal, exceeded expectations. It had gone on sale with a reserve of €15,000 but sold for €33,000.

The director of auctions at Allsop Space, Robert Hoban, said interest in the property market has been strong.

“The results of today’s auction reflect the level of pre-auction interest we had prior to the auction from an increasingly large number of buyers from local regions within Ireland, which, is a welcome development and a powerful endorsement of the local markets,” he said.

Previous events held by the company had been marred by protests.

However, these stopped following a commitment not to sell repossessed family homes.