A circa 33-acre residential holding with sheds and outbuildings exceeded its guide price when it went for auction on Friday (October 30th).
The property, located in Ballinamona, Leskinfere, Gorey, Co. Wexford, sold for €670,000.
The auction represented a milestone for Quinn Property. Although the firm has held auctions for 80 years, this was its first-ever online auction.
Guided in the region of €500,000
In the run-up to the auction, there was strong levels of interest with a large number of parties registering to bid online.
The property was guided in the region of €500,000 (€15,150 per acre).
The property was offered in the following lots:
- Lot 1 – A 8-acres to include a residence and farmyard;
- Lot 2– A c.25-acre holding;
- Lot 3 – The entire.
Lot 1 opened at €150,000 and with six more bids peaked at €210,000.
Lot 2 received an initial bid of €170,000 and with almost twenty bids reached €340,000. This equated to a combined bid of €550,000.
Bidders on lot 3 knew they had to surpass the total of €550,000 and as such, bidding commenced at €560,000. Eight further bids propelled the highest bid to €640,000.
Bidders on lots 1 and 2 were then offered the opportunity to raise their offers but no further bids were made beyond the combined €550,000.
Following a short break to take client instructions, the entire holding was placed on the market at €640,000.
Bidding on the entire resumed at €650,000. With four active bidders on lot 3, the hammer fell at €670,000 (€20,303 per acre).
The property made €170,000 in excess of the guide price.
Remarks from auctioneer, David Quinn
Auctioneer David Quinn, was pleased that his first online property auction was a success.
“Having experience in auctioning property for almost 30 years, this was my first attempt at an online sale.”
“Although I missed the atmosphere of a packed auction room, I am delighted that we were able to adapt and hold this auction in the current circumstances.”
“Furthermore, it was a great boost that there was tremendous demand for today’s sale and that all interested parties fully engaged with the online platform,” Quinn concluded.