Well known Irish auction house O’Donnellan & Joyce has completed its final property sale of 2020 with great success. The Galway based estate agency held its latest live stream property auction on Friday last, December 11, in what the team have dubbed their ‘digital auction room’. Combining the physical auctioneer Colm O’Donnellan with the digital auction platform of live viewers and bidders, the company pioneers the 'phygital' property auction in Ireland.
Commencing at 12 noon last Friday, auctioneer Colm O’Donnellan welcomed viewers and bidders to his digital auction room to what would be the last of six nationwide property auctions held by the company in 2020. With more than 3,000 people watching the event live and in high definition, this was the most anticipated auction of the year with many properties going under the hammer.
O’Donnellan & Joyce has hosted three of its six 2020 property auctions by digital live stream and with astonishing results from all, it is a sure sign of the success of the new business model and of more auctions to come with bidding locally, nationally, and internationally.
First rolled out in September of this year, the O’Donnellan & Joyce ‘phygital’ auction platform combines auctioneer Colm O’Donnellan live on the podium with an audience of remote bidders. Telephone bids are received into the auction room via the auction team, each of whom represents a bidder. Proxy bids are flagged to the auctioneer as well as internet bidders also presenting their bids to the auctioneer in the new digital format. One can watch the live stream auction through the company website and, with a verified account, registered bidders can place bids at the click of a button through the auction platform. The bids are received into the auction room in real time and Colm O’Donnellan clearly acknowledges this from the podium, instilling confidence in bidders that the system is fair, transparent, and abides by the law of auction.
Looking closely at the most recent property sale, the O’Donnellan & Joyce live stream December auction, the results once again are remarkable. Starting the day at 12 noon with an introduction to the auction, auctioneer Colm O’Donnellan was already winning the day with three properties sold prior to auction. With offers in excess of the reserves price and after exhausting all bidders, these three sales were agreed prior to auction at sealed prices. After commencing the auction, the total revenue earned on the day quickly rose with many notable sales agreed on the day on the strike of the gavel.
In addition to the auction room sales, the company also offers one hour of exclusivity to the highest bidder should any given property fail to meet the reserve price. Within this hour post auction, the highest bidder and the auctioneer will negotiate with the property vendor to achieve a mutually agreeable sale. The vendors leave the venue or hang up on their video call knowing that they have achieved the best possible price for their property, and the lucky buyers can look forward to receiving the keys once the sale closes.
Properties sold on the day include:
Middle Third, Maree, Oranmore, Galway: Lot no 1 was a three bed detached bungalow sitting on a large, elevated, site overlooking a quiet inlet on the southeast shores of Galway Bay. This property is in one of the most beautiful settings that O’Donnellan & Joyce has ever offered for sale, and attractively priced at €385,000, the property offered great value and potential for extension or renovation. This property was well received by the market and attracted a huge amount of attention. Virtual viewings were attended by nearly 300 people and the physical property viewings also attracted large numbers, although staggered to comply with Covid-19 property viewing guidelines. Many pre-registered bidders raised bids at the auction, but in the end it was a two-horse race with the gavel striking the podium at €480,000 – nearly €100,000 more than the guide price.
No 23 Adelaide Square, Whitefriar Street, Dublin 8: Lot 2 was a spacious dual aspect second floor apartment superbly located within the prestigious development of Adelaide Square. Guiding at €395,000, the property attracted approximately 20 bids from a number of pre-registered telephone and internet bidders. The final sale price was €435,000, €40,000 above the guide.
Rosford, No 5 Saint Mary's Avenue, Taylor's Hill, Galway: Lot 4 was a four bedroom terraced home in the much-acclaimed area of Taylor's Hill, Galway. The property was presented in its original fashion and boasted the character and timely charm of the era in which it was constructed. Guiding at €365,000, the property sold for just €405,000 after the auctioneer dropped his gavel.
Nos 10 and 11 Riverview, Boyle, Co Roscommon: Following the order of Lot 20 and 21 were apartments 10 and 11 in the Riverview development in Boyle, Co Roscommon, sold separately. Comprising a one and two bedroom apartment respectively and offering a very desirable 24 per cent gross yield, the properties attracted huge attention from investors at the keen price of just €30,000 apiece. However this figure brought in many bidders on the day and the lots eventually sold for a combined €114,000 to an investor which now earns a very respectable 10 per cent return on his investment as it stands.
No 3 Rocklands Avenue, Ballybane, Galway: Excellent value was also on offer in the city suburbs. This three bedroom semidetached property with large driveway and carport was also sold at last Friday’s auction. Offering c1,000sq ft of internal living space and ideally located close to GMIT, Merlin Park Hospital, and the medical device company hubs on the east side of the city, lot 32, the final lot of the day, was a classic example of the value on offer at property auctions. This property attracted great interest due to the location and price, but given it was being sold with tenants in place, the property only really suited investor purchasers and with a handful of pre-registered bidders, the property sold for €128,000.
Other sales on the day included a four bed semidetached home at No 7 Oaklawn in Ballina which sold for €94,000 – a total of €34,000 above the advised minimum value; Apartment 8 at Tara Court in Castlebar, Co Mayo, also sold above the asking price for €57,000; two identical two bedroom semidetached homes in Tuam which sold for €45,000 and €55,000; and a three bedroom home in New Ross, Co Wexford, which fetched €155,000.
For more information on the particulars and results from the O’Donnellan & Joyce series of nationwide and live stream property auctions, see the company website www.odonnjoyce.com With an excess of €19,684,000 raised for vendors this year alone, O’Donnellan & Joyce is considered one of Ireland’s largest and most successful auction houses.
The next O’Donnellan & Joyce property auction takes place on Friday February 26 with the deadline for registering any property for sale falling on January 22. The auction department at O’Donnellan & Joyce re-opens after its seasonal holiday closure on Monday January 4 and the auction team are available to value and appraise any property that you may be considering selling. ‘Thinking of selling’ valuations are free of charge and the company promises an extensive marketing campaign to all vendors who register early in January.
To achieve the best price for your property, look no further than O’Donnellan & Joyce auctioneers. Contact the auction team on 091 564 212 or email [email protected].
