Disused 0.3 acre site trebles in value to €217,000 in online auction bidding war

Disused 0.3 acre site trebles in value to €217,000 in online auction bidding war

A small site spanning 0.3 acres almost trebled in value to €217,000 following a bidding war during an online property auction.

The disused plot in the village of Bunratty, Co Clare, is located at the entrance to a popular development of detached homes and is close to all local amenities.

When it was originally listed in the youbid.ie auction, the opening bid was set at €80,000.

But the value of the land had soared to the six-figure sum by the time the online sale on June 29 closed just before 11.50am.

Four prospective buyers had lodged 147 bids as they battled for over 100 minutes for ownership of the land.

A planning application for a single dwelling house on the site was lodged in 2007 but was never completed.

In the same auction, the price of 15 acres of rural Limerick land climbed by €132,000 in less than 15 minutes as two bidders went head-to-head for the deeds.

The opening bid for the three parcels – sold as a single lot – was €300,000 when the hammer went up at 11.46am.

But the value of the land, which has been zoned for a variety of uses including educational and/or community, agricultural and residential, had reached €432,000 when the sale closed at 11.59am after 74 separate bids had been lodged. 

The lands are located close to the M20 motorway and are just 4km from the Limerick suburb of Raheen and 9km from the city centre.

The village of Patrickswell, with a population of 1,000, is 1km away.

Just under nine-tenths (88%) of the lots were sold on the day of youbid.ie sale, with sales achieving roughly 14% above reserve price, as 700 prospective bidders registered online.

Other auction highlights included a three-bedroom, end-of-terrace house which sold for €40,000 above the reserve.

Bidding for the property, located in the Wexford village of Clongeen, began at €110,000.

But the home, which measures 121 sqm, quickly sold for €150,000 10 minutes after bidding began.

Meanwhile, a mixed-use property, with an established beauty salon on the ground floor and two separate residential apartments on the first floor, sold for €11,000 above the advised minimum value.

The hammer fell on Number 14 Ros Na Greine, in Shannon, Co Clare, just seven minutes after the auction began as two bidders pushed the price up from €230,000 to €241,000.

The next youbid.ie auction is on July 27. 

All properties are listed on the platform. Documentation and brochures are available by registering on youbid.ie or by calling 01-5676979. 

Email: info@youbid.ie for more details.