It was another phenomenal day for the team at Allsop Space. With attendance up on more recent auctions, an estimated 2,600 bidders and spectators filled the main hall of The Shelbourne Hotel in Dublin yesterday. An amazing €17,871,000 was raised on the day, with reserve prices being exceeded by a total of €4,726,000!
9 lots were withdrawn prior to auction and 111 of the 127 lots sold under the hammer. Of these, only 7 lots failed to make their reserve prices. It was interesting to note that many properties struggling to reach the stated reserve price and sold at that level, effectively bucking the trend of exceeding by up to 30%.
We are currently assessing the achieved prices again similar on the newly launched property price register and we will be sharing that information.
In terms of the reserve prices, we have seen these creep up over the last 12 months and yesterday, they were closer to standard asking prices that we are seeing in the private treaty market. As noted above, the bidders responded by not paying as much as usual in excess. This gives a certain credibility to not only the pricing, but also to the buyers on the day who are effectively establishing market value. Of course, this auction was not without its, by now trade-marked loss leader – in fact there were a few!
The big story of the day was the €135,000 increase on Northumberland Road, Dublin 4, where one savvy investors flipped the property within a period of 3 months – not something we are used to seeing in the current market but heartening for entrepreneurial property enthusiasts!
The next Allsop Space auction will take place on the 4th December 2012.