Going, going, gone – house auction illustrates demand rise

March 10, 2017
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The current scale of demand for property in Donegal was adequately illustrated by the impressive sale prices achieved for local homes during last week’s Sherry Fitzgerald public auction in Dublin.

Leopardstown Pavilion was the venue for the auction which featured two Donegal properties among its 17 lots. Both the three-bedroom, semi-detached house and the large, detached home – situated on opposite sides of Lough Swilly – attracted plenty of enquiries prior to Friday’s bidding.

The three bedroom, semi-detached house at Ard Caoin, Manorcunningham had a reserve of €35,000 and generated huge interest in recent weeks. On the day, there were several telephone bidders keen on securing the property and in the end it was sold for more than twice the reserve at €77,000.

The detached home, a five-bedroom property nestled in the magnificent Beacon Hill development in Fahan, achieved more than three times the advised minimum value (AMP).
Clearly listed as having conclusive damage to the blockwork and evidence of damp, the property was listed for public auction with a guide price of €80,000.

However, given the home’s fantastic seaside location in Fahan with sweeping views of Lough Swilly, it was no huge surprise that the property achieved a sale price of €246,000.

The prices achieved by the two properties are a strong indication of the current market demand in Donegal. Both properties attracted a high level of interest with a large number of initial enquiries and bidders on the day.

The level of interest also illustrates that there are still cash buyers out there with the funds available to buy homes at public auction.

With the sale prices currently being achieved in Letterkenny and the surroundings areas it is certainly a good time for anyone thinking of moving up or moving on to consider having their property valued.

At Sherry Fitzgerald Rainey we offer free appraisals so if you are wondering what your home is worth, please don’t hesitate to give us a call.

More than 100 people attended the Sherry FitzGerald public auction. Of the 17 lots, 15 were sold with more than €4m transacted in total.