Friday October 30 is a date that will be remembered in the O’Donnellan & Joyce offices for many years to come. With more than 4,000 people tuning in to watch the live stream property auction, this has been the most successful auction to date in 2020 for the Galway based auction house.
Auctioneer Colm O’Donnellan spent nearly four hours on the podium in what has been dubbed “the digital auction room of 2020”. Some 30 properties went under the auction hammer with the auction commencing at 12 noon last Friday. There were more than 150 people registered to bid via internet, proxy, and telephone bidding and auctioneer Colm O'Donnellan accepted a total of 408 bids worth €42,347,000 cumulatively into his digital auction room.
This high-tech auction which combined the live auctioneer with the digital and was the first of its kind in the Irish property industry. Everything about this sale was innovative, from the HD live stream to the live sale results page, bidding platform integration, and the registration process. This marathon event saw auctioneer Colm O’Donnellan, the only person in the auction room, interacting with online bidders and remote phones bidders who were video linked on a large screen via the Brandt Studios AV team.
The event exceeded all expectations with over €3.1 million in sales income for the vendors and 25 of the properties selling under the hammer, giving a total success rate of 83 per cent. The few remaining properties are being actively negotiated which will give a near clean sweep for the auctioneers on the day.
Senior negotiator and well know auction sales agent Mary Fahy commented: “We were delighted and overwhelmed with the response. People could interact with the auctioneer from all over Ireland and indeed abroad and the atmosphere and competition of the live auction was further boosted with the addition of many internet bidders, many of which bid fast and furious on their desired lots on the day.”
Colm O’Donnellan added: “These are strange and challenging times for everyone and at O’Donnellan & Joyce, we have tried to be innovative and the reaction to the auction has been fantastic. There is no doubt there is still an enormous appetite for properties with a shortage of supply currently within the market. Buyers are finance approved and ready to complete purchases, and despite Covid-19, nothing will stop them finding the home of their dreams. The O’Donnellan & Joyce auction is regarded as the public face of the property market in the west of Ireland and our event on Friday clearly shows the current strong demand that still exists.”
All properties performed incredibly well on auction day. Those that failed to reach their reserve prices are either under negotiation with the highest bidder or for sale by private treaty. The full auction results can be seen on www.odonnjoyce.com while those properties that are still available are also listed on the company website.
There were several properties that broke records on the day and left the auction team astonished at the final sale prices. These star performer properties included:
Lot 1 – Walsh Street, Ballina, Co Mayo: This large four bedroom end-of-terrace residence in the centre of Ballina town is close to all required amenities and services. Located at the end of a quiet cul-de-sac and sold with vacant possession, the property guided at €70,000. With 43 bids recorded and many bidders raising their paddles from within the digital auction room, the hammer eventually fell at €145,000 – more than twice the advised minimum value.
Lot 22 – Knockdoemore, Lackagh, Co Galway: This partially complete 2,600sq ft detached residence standing on circa 0.75 acre proved to be a very popular property. Located close to Lackagh village and within a 20 minute drive of Galway city, 12 bidders registered to try their hand at this property. In a semi-complete state, the hard work was done but the property presented an ideal blank canvas for the lucky purchaser to place their own stamp on the home. Guiding at €70,000, the property sold for €72,000 above the guide at €142,000.
Lot 4 - No 6 John F Kennedy Parade, Sligo: A three bedroom terraced house in need of modernisation throughout was offered to the market by public auction and guiding at €50,000. The property offered great potential for the future purchaser. The hammer fell at €107,000 which was more than twice the guide price.
Lot 28 - No 15 Lakeside, Mount Falcon, Ballina, Co Mayo: A three bed end-of-terrace home situated in the Mount Falcon Estate which is arguably one of the most beautiful settings on the west coast. Mount Falcon sits on the edge of a trout lake within a secluded woodland of approximately 100 acres. With a private a tranquil setting, the property offers many luxuries that a similar home in an alternative location simply could not. Guiding at €120,000, the property attracted much attention and bids came in hot and heavy from a multitude of phone and internet bidders and the hammer eventually fell at €160,000.
Lot 15 - No 11 Summerseat Court, Clonee, Co Meath: Who wouldn’t love a two bedroom ground floor apartment in excellent condition situated within the Summerseat development of Clonee, Co Meath? Coming to the market with tenants in place, this ideally located property offers great potential for first time buyers or those looking to downsize. The property guided at a very attractive €135,000 and after an intense bidding war which saw 39 bids received into the digital auction room, the hammer eventually fell at €173,000.
Lot 12 - No 25 Temple Lawns, Santry, Dublin 9: This apartment presented an excellent investment opportunity. Situated on the top floor and ideally located in the highly regarded Northwood development, the property attracted enormous interest and multiple virtual property tours were requested from intending purchasers. Being sold with tenants in place, the property guided at €200,000. Bidding opened at the reserve and quickly concluded at €234,000.
Lot 26 - Carrontubber, Kilkerrin, Ballinasloe, Co Galway: This country style bungalow which was constructed in the early 1930s offers a separate outhouse to the rear and stands on a large site. The property is situated on the R364 in the townland of Carrontubber which appears to be a very popular area among bidders. With 12 bidders punting into the digital auction room and more than 30 bids recorded, this bungalow which guided at just €30,000 quickly reached the sale price of €62,000 and the hammer was dropped to conclude the sale.
Lot 34 - Ballybane, Brickens, Tulrohan, Claremorris, Co Mayo: The final lot on the day was a four bedroom bungalow in a rural setting and standing on site of c.0.27 acre. Offering four bedrooms with three en suite bathrooms, the property would suit a growing family in search of a quite rural life. Ideally situated just 12km from Claremorris, the property is close to a town which offers all required services and amenities. This property attracted great attention with more than 130 inquiries, and was a star performer on the day. Bidding commenced at €45,000 with a number of telephone, internet, and proxy bidder pre-registered and approved to purchase from the auction catalogue. After a total of 32 bids, auctioneer Colm O’Donnellan dropped the hammer on the final lot of the day at a staggering sale price of €74,000. For the city born auctioneer, it seemed bizarre that so many bidders would attempt to purchase such a property but for the auction team at O’Donnellan & Joyce, the level of inquiries matched that of the final sale price and the team were delighted to note the successful sale of so many properties within the nationwide auction catalogue.
O’Donnellan & Joyce has pioneered the digital property auction room in Ireland and is already preparing its property listings for the next and final auction of 2020 which takes place on Friday December 11. The auction will follow the same successful format of last week’s property sale with live auctioneer Colm O’Donnellan on the podium in his digital auction room. Combining telephone, internet, and proxy bidding from local, national, and even international purchasers, this event promises to be the highlight of the O’Donnellan & Joyce auction series of 2020 and indeed a major event within the property and auction calendars of 2020.
If you have a property that you are thinking of selling, contact O’Donnellan & Joyce auctioneers on 091 564 212 or email [email protected] for more information. A free ‘thinking of selling’ valuation can be obtained by sending a brief description of your property along with the Eircode to the auction team. Once received, a member of the O’Donnellan & Joyce team will contact you with an indicative valuation and further details on the auction process. Further details are available on www.odonnjoyce.com
