Up to 1,000 people are expected to attend today’s auction of distressed properties, the largest of its kind seen in Ireland. Beginning at noon in the Shelbourne hotel 80 lots will go under the hammer the majority of which are being sold by receivers and include homes in Dublin, Wicklow and Galway as well as small commercial buildings and shops. The bulk of lots are priced between €35,000 and €150,000, the lowest priced property is a site in Wicklow town with a reserve of €20,000 while the most expensive is the Dublin 4 mews which is estimated at €600,000.
The auction, which is joint organised by Allsop, a UK auction house that specialises in distress sales, and its Dublin affiliate, Space, hopes the auction will inject new life into the moribund property market, which has been paralysed by fear that house prices, which are already down 45% from their peak, may have still further to drop. “It will restore confidence in the market. That day has to come to Ireland,” said Gary Murphy, a partner at Allsop. With todays 80 lots “you will soon find out if the market is strong or weak. We hope this will establish the floor,” he added.
Have Your Say:
- Will today’s receivership auction establish a new floor for the property market?