Property Watch: Online auction firm sees a big increase in demand for services

Online auction specialist Iamsold has seen a significant increase in demand for the online auctions from vendors and partner auctioneers. Over the past month, the levels of new stock coming to the market has seen a significant uplift and demand from buyers also remains very strong.

Patrick Folan, company director commented, “residential listings overall on in Ireland have seen a small increase of 1% since the end of January. However, listings on the online auctions have increased by 3% in February and then jumped by 10% in March. The recent jump in listings is down to vendors looking for more speed and security in the sale.”

Mr Folan added: “We work alongside 300 auctioneers in Ireland and they offer the normal private treaty process and also the binding bids/online auction route in partnership with Iamsold. Partner auctioneers make their clients aware of their different offerings and vendors are often opting to go straight into the binding bids route as it provide more speed and security.

“Interested parties visit the property, as normal and then can review the legal pack before deciding to bid. Once happy with the property legal pack, the buyer pays down a bidder security deposit which is non-refundable once the bid is accepted. The bidding process is transparent and benefits from fixed timeframes of between four to six weeks to complete the sale.”

The Iamsold binding bids process is proving successful and continues to grow in popularity amongst vendors and buyers.

The process is similar to private treaty sales, except parties review the legal pack prior to bidding and then sign up online to bid at the auction.

Some of the successful recent sales include:

Sold by The Property Shop, Dunboyne — 36 The Way, Dunboyne, Co Meath is a well presented two-bed first floor apartment. In the lead up to March 10, the apartment had various enquiries from owner occupiers and investors alike. The property ultimately sold for €235,000 to the delighted new owner after a four-week marketing campaign.

In Laois, a development site on Coote Street, Portlaoise was successfully sold by Clement Herron Real Estate, Portlaoise. The 0.226 acre site comes with planning permission for three properties and is within walking distance to Portlaoise town centre. This excellent development opportunity sold to a local developer for €210,000 with a view to development in the near future.

20 Ard Caoin, Manorcunningham, Donegal was offered to the market by Glen Estates, Letterkenny at bids over €125,000. This four-bed semi-detached property was presented for sale in immaculately condition and invited strong local interest prior to the online auction date. The well-located property eventually sold for an impressive €160,000, almost 30% over the asking price.

A derelict cottage with planning permission to build a substantial house was sold in Ballybay, Monaghan. The property was offered for sale by Monaghan Property Sales and enquiry levels were strong in the lead into the March 10 online auction.

Bidding opened at €39,750 and after 34 bids were received, from a number of parties, the property sold for €61,500 via the iamsold online auction platform.

The highest value sale took place in Dublin 7 where a substantial investment portfolio of six apartments in Villa Springs was sold by Olivia Needham Property. The apartments are offered within one substantial building and offered a superb opportunity to purchase a ready-made investment. The property proved exceptionally popular with investors from across Ireland and abroad and sold for €1.25m.

The online auction company continue to offer properties for sale via their monthly online auctions and are now taking entries for the upcoming dates on April 14 and May 19.

There are no costs to enter a property into the auctions and the auction team are happy to advise property owners on the value of their property.

Contact Iamsold on 01 2440000 to arrange for a free property valuation or for more information visit www.iamsold.ie.