Monday, August 11 14:33:26
Investors and private buyers are again paying in excess of E15,000 and in some cases E20,000 per acre, at auction, for agricultural land close to suburban areas as the property market starts back in to life.
That's according to Ricky Wilson, Head of Wilsons Auctions, which has sold over of 700 acres of Irish land and properties this year so far this year.
Demand is very much increasing, Ricky Wilson says, and the majority of buyers are still cash buyers with funds set aside for their chosen investment.
"We are seeing a lot more confidence from local businesses, farmers, private buyers, and investors that the Irish property market is again a good place in which to invest," the auctioneering boss says.
In its half year report, Wilsons Auctions says that the beginning of the restoration of property values was evident towards the end of 2013, and that consistent increases are being recorded at auction since then.
Over 500 acres of agricultural lands, farms, homes and development sites within the Republic of Ireland have been sold this year to date by the company, with agricultural land sales showing the most dramatic price increases in recent months, at values per acre from E8,000 to over E15000.
Wilsons Auctions land and property division in Dublin has seen a huge increase in demand also recently, and has converted 94pc of all vendor instructions at public auction. The business also manages private treaty property sales to maximise price potential in particular instances.
It said local and international investors are again back in force, the company says, concentrating on the Irish market as a viable investment.
"National and international buyer interest has increased strongly since the beginning of the year, with prices generally finishing at 20pc or more over vendors estimated prices," Ricky Wilson says.
On average, auction attendance is up in the region of 20pc so far this year, and the business regularly has over 1,000 people attend major vehicle and machinery auctions at the Kingswood Cross sale room on the Naas Road.
"Across the business, we manage about 30 live auctions every week, Monday to Saturday, everything from cars and commercials, land and property to furniture and office equipment. Our live online bidding service is also popular, giving buyers access to the auction from the comfort of their home or office," Ricky Wilson says. "Our website wilsonsauctions.com is ranked in the top 0.02pc of most hit website in the world, due to this massive hit rate we are able to advertise the land and properties under our control to more customers 24/7," added Mr Wilson.
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