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Irish Property Auction - Finding The Market Bottom

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Have a look at My link where details showing some of the recent sale prices of dublin property should be a sober read for anyone who still thinks property always goes up in price.

I particularly like the mews house that went for 550k, against 2m+ for similar properties 5 years ago.....

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John Howard from UK company Auction House, a rival to Allsop, was also at the hotel. He was surveying the opportunities for his own firm and thinks there is going to be a surge of repossession auctions in Ireland and the UK.

"Last time this happened in the 1990s interest rates were really high. Now they are at 1% in the UK and 1.25% in Ireland. There are also an awful lot of buy-to-let customers in both countries that we didn't have in the last recession. I think this is going to take off.

Yep.....Mid 1990's prices over the Irish Sea. Only a question of time before it happens here.

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Top Irish Properties Sold Off On The Cheap

Sky News 2011, 3:37, Saturday 16 April 2011

Irish homes that were once worth millions have gone under the hammer for a fraction of that after global interest in the country's first ever "distressed property" auction.

The auction room at Dublin's Shelbourne Hotel was packed to capacity.

People were bidding from the street outside as hundreds came looking for a bargain.

"There's still some money in Ireland (Berlin: IIK.BE - news) ," said one woman waiting outside.

"They're creating some sense of movement but Ireland's heading for double dip," said another man.

A total of 90,000 people had expressed interest in the event, half of them from overseas.

The auctioneer received bids from Australia, Dubai and Israel.

They were bidding in person, on the phone and online.

Some made their pitch over a pint. Organisers relayed the event to a nearby pub in a bid to ease congestion in the sales room.

Highlights included a penthouse apartment in Dublin's Chancery Lane.

Three years ago, it would have cost �?�1m (£885,220). It has now been sold for �?�345,000 (£305,400).

It was one of three apartments sold by liquidator Tom Murray.

He said: "Hopefully this auction has shown us the true value of properties in Ireland today."

Lot 34 was in Dublin 4 - Ireland's most prestigious postcode.

At the height of the boom, the home would have been valued at �?�2m (£1.7m). It has now been sold for �?�550,000 (£486,750).

The "distressed property" auction is a joint venture between Allsop Auctions in London and Space Real Estate in Dublin.

It is a new approach to buying and selling property in Ireland.

The catalogue listed properties in Dublin, the Midlands, South and South East - 85 lots in total - a mixture of residential and commercial, some vacant and some let.

Until now, the value of property has been dictated by over optimistic vendors.

This auction allowed bidders to determine the true value of property in Ireland's stagnant market.

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They haven't hit bottom yet, not by a long shot. Lots of republic folk still thing their houses will once again exceed the 2007 peak. I have family in denial there.

Houses are the least of the concern in reality, for all of us, you can live without a house, but you surely cannot without energy and food.

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Happy days, they're attracting UK buyers too. The more Brits that spunk their readies into an Oirish pwoperdee dream means fewer doing likewise over here.

At some point, our banks are going to have to start repossessing and shifting the 'non-performing' stuff on their mortgage books. An auction sale gets them a shedload more than most of their repo candidates will be netting them at the moment.

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  • 311 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
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      • Even
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      • up 5%

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