Friday 23 October 2015

REA Leinster Auction 26th November 2015

 The next Leinster Auction will take place at the Pavillion in Leopardstown (RaceCourse) on Thursday November 26th. Residential and commercial properties from throughout the 12 counties will go under the hammer. For nore information, contact REA Leinster Auction team at 01 288 0004

Wednesday 21 October 2015

REA Leinster Auction a success

The first REA Leinster auction was a terrific success, with more than €3,500,000 worth of  residential and commercial property sold – with some going for more than 60% over their AMVs.

Eighteen properties were sold under the hammer at the auction in the Louis Fitzgerald Hotel in Newlands Cross, Dublin, on the day at an average price of 21% over their AMVs. An additional four properties are expected to close under private treaty negotiations.

There was widespread interest in the auction with bidders at the hotel being joined by hopeful investors calling in bids from Australia, Canada and the UK.

Harry Sothern, REA Leinster Auction, said: "We are very satisfied with how the auction went. Of the properties sold we had an average price of 21% over the AMV with some properties in fact achieving more than 60% over their AMVs. Bidding came in from Australia, Canada, England as well as locally. We sold a number of properties immediately after the auction and expect to close more in the coming days. Overall we are very satisfied and look forward to running the next Leinster auction in November"

Local agents involved in the auction said that with properties under negotiation expected to conclude in the coming days, they anticipate the auction will have a success rate of 85% when all is finalised.

REA has 26 estate agents in Leinster and 55 nationwide.

For Further information please contact Ed Dempsey (086 172 4449), or
Richard Burke or Craig McKechnie 01 531 3532

Monday 12 October 2015

REA Average House Q3 survey - Rule change needed as spiralling rents rule out house buying for many

The average three-bed semi in South County Dublin has seen €15,000 wiped off its value in three months as the new deposit rules stifle the higher end of the market, according to a national survey carried out by Real Estate Alliance.

And spiralling rents will cut off mortgages as an option for many young couples unless the Central Bank revisit their deposit rules, raise exemption limits and include second-time buyers, according to REA.

Just as many couples cannot afford to get on the housing ladder, second-time buyers cannot move and free up cheaper properties for new entrants and causing a logjam in the capital.

While the average house price in Dublin city and county has fallen by over €5,000 in the past three months, South County Dublin has been the hardest hit in the country, with prices falling by -4.17% since the end of June.

The average semi detached house nationally now costs €188,102, the Q3 REA Average House Price Survey has found – a slight rise on the Q2 figure of €186,968.

The REA Average House Price Survey concentrates on the sale price of Ireland's typical stock home, the three-bed semi, giving an up-to-date picture of the property market in towns and cities countrywide to the end of September.

The price of an average three-bed semi in Dublin city and county has fallen by -1.47% from €339,500 to €334,500 since the end of June.

“Our agents on the ground in Dublin are reporting a growing withdrawal of couples aged between 25-40 from the market due to the new mortgage deposit regulations,” said REA Chief Executive Philip Farrell.

“When the Central Bank introduced the new rules, they stated that they could revisit them, and we believe that they need to do so as a matter of urgency.

“We believe that the new borrowing requirements are exceeding their desired affect and are now starting to prevent the market from functioning in a cohesive manner.

“We propose that the price ceiling for first-time buyers should be extended to €330,000 – in line with the average values in Dublin and secondly, second-time buyers should be assisted by allowing them to borrow 90% up to €220,000 as the current requirements are too prohibitive.

“Falling house prices are not a sign of success or affordability, they are falling because young people cannot afford to qualify for a mortgage, and second-time buyers cannot afford to move out of houses in the €220,000 band.”

Rising rents have had a huge effect on the Dublin market according to Anthony McGee of REA McGee in Tallaght, where prices have dropped -4.3% to €220,000.

“A typical couple are now being expected to pay rent of €1,200 a month on a two-bed apartment in Tallaght.

“When you combine this massive rent with childcare and other expenses, there is very little chance that people will then save the 10/20% deposit required on a property.”

Prices in North County Dublin have decreased by -1% to 247,500 and Dublin city by -0.83%.

There has also been an increase of 5% in the amount of cash buyers (34%) in the Dublin city market, reversing an 18-month trend that has seen mortgage buyers increase.

The average three-bed semi price rose by 0.71% to €206,676 in Tier two – the commuter counties and the larger cities over the three month period.

“Average properties in the extremes of the outer commuter belt also felt an increase in Q3, with Kilkenny rising by 5.45% to €145,000 and Westmeath growing by 4% to €130,000 – both figures well inside the first-time buyers threshold,” said Philip Farrell.

“However, in previously growing areas such as Cork and Galway cities, the market is flat due to prices being over the first-time buyer threshold.

Prices in the rest of the country grew by 2.70% in Q3, to €120,786.

The biggest upward movement in prices over the past three months have come in Roscommon (+8.33% to €65,000), Cavan (+7.79% to €70,000) and Monaghan (6.36% to €117,000) – counties operating off a low base that have not previously felt the benefit of the property uplift that took hold in 2014.

Real Estate Alliance (REA) is Ireland’s leading property group of Chartered Surveyors with over 55 branches nationwide, comprising many of the country’s longest-established auctioneers and estate agents.


Available for interview:
Barry McDonald, REA spokesperson and Dublin auctioneer.
086 387 3800

Media enquiries:
Darren Hughes, MediaConsult,, 086 293 7037

Friday 9 October 2015

REA Munster auction a massive success

162 people registered for the Auction yesterday at the Limerick Strand Hotel for the REA Minster Auction. The Auction offered a selection of properties all through Munster. The mix of properties were between 2 bedroom apartments, 3 bed semi detached and mid terraced houses and some commercial. Out of the 21 lots that went for sale 16 of them sold at Auction, 2 have been agreed since the Auction, 2  are presently under offer and the final lot is to be placed back on the market by Private Treaty. Michael O’Connor says he is very happy with the turnout today and the bidding that took place. By close of business today we will have 85% of the properties sold which Michael believes is a good return for any Auction sale. Our next Auction is to be held on the 12th November at the Limerick Strand Hotel and we estimate to have circa 30 properties throughout Munster on offer. All information on this Auction will be on our website within the coming weeks.

Thursday 1 October 2015

€6.5m of commercial and residential property to go under the hammer at first REA Leinster Auction

€6.5m of commercial and residential property to go under the hammer at first REA Leinster Auction

Louis Fitzgerald Hotel, Newlands Cross, Dublin on the 15th of October

The Real Estate Alliance, one of Ireland’s biggest estate agent groups, has announced the first in a series of auctions comprising properties from its members throughout Leinster.

The first REA Leinster Auction will be held at the Louis Fitzgerald Hotel, Newlands Cross, Dublin, on October 15th. More than 35 residential and commercial properties from throughout the 12 counties will go under the hammer, with the auction expected to raise in excess of €6.5m.

Among the properties up for sale are a hotel in Carlow, office units at Baker’s Corner in South Dublin, an industrial premises in Tullamore and as many as 30 residential properties from throughout Leinster – including 10 in Dublin. Guide prices range from just €33,000 for a two-bedroom house in Carrick On Shannon, Co Leitrim, to €540,000 for a three-bedroom period home in Rathmines, Dublin 6.

Bidding for the auction will take place over the phone, as well as at the hotel and will be streamed live on the internet.  All properties are available to view prior to the big day.

Harry Sothern, REA estate agent and organiser of the auction, said: “We have a wide range of superb commercial and residential properties that will appeal to both investors and home-buyers alike. REA agents from all over Leinster are bringing properties to this auction including several prime lots in Dublin.

“This is the first auction that we’ve organised by pooling the tremendous resources of the REA agents in Leinster, and we’re looking forward to hosting a number of similar auctions in the near future.”


Included in the portfolio of properties is a wonderful opportunity to purchase a hotel in the heart of Carlow Town. The Courthouse Hotel – with 18 bedrooms, a bar and function room – will be auctioned as part of a lot which also includes a retail unit, apartment and parking for 15 cars.  Located close to the Institute of Technology and many of the local tourist attractions, these properties offer scope to be retained as they are or converted into student accommodation. The AMV for this lot is €375,000.

An elevated roadside site of 1.903 ha/4.7 acres in Cloverhill, Ballybrook, Co Cavan, comes with planning permission for 49 residential units. It has an AMV of €60,000.

Also available is a substantial site of circa 0.16 hectares (c. 0.39 Acres) on Main Street, Duleek, Co Meath. It comprises a building that was formerly operated as a public house with parking for approximately 40 cars. It goes under the hammer with an AMV of €195,000.

Other highlights include two office units (130sq.m) in the Forge Building at Baker's Corner on Rochestown Avenue (AMV €165,000) and an industrial premises in the Axis Business Park, Tullamore (302sq.m - AMV €80,000).  


Residential properties include a range of houses and apartments in Dublin and throughout Leinster. There is a two-bedroom house in Carrick-On-Shannon, Co Leitrim, with a guide of €33,000 and a 474 sq.m 6 bedroom property with 1.4 acres of land in Durrow, Co. Laois, guiding €275,000. Many of the properties are in walk-in condition, while some require renovation.

In Dublin there are numerous family homes located across the city. With an AMV €535,000, Hybrasil Strand Road, Portmarnock, Co. Dublin is an imposing 3 bedroom family home with a wonderful open aspect over green space and the estuary. Hybrasil enjoys beautiful modern interiors. A one-bedroom ground floor apartment at The Gasworks, Dublin 4, is on the market at €250,000. Extending to 50 sq.m, this property is located in the heart of Silicon Docks on Barrow Street and surrounded by a host of stylish restaurants & bars.

Number 5 Charleville, Rathmines Road, Rathmines, Dublin 6 is an imposing period family home boasting many modern features while retaining much of its period charm. It is guiding €540,000. Full planning permission for a two storey extension to the rear was granted in Feb 2006 but has since lapsed.

Also Included in the auction is a superb opportunity to acquire five-bedroom detached house in the much sought-after sunny south-east town of Rosslare, Co Wexford, with an AMV of €160,000. Ideal as a primary residence or a holiday home, the property is well fitted and finished, and is located in a small quiet development called Rosefield comprising of just 7 detached homes on Rosslare Strand.

Piper's Cottage, located on the lush parkland grounds of the five star Kinnitty Castle,  Co Offaly is as detached two story stone cottage with thatched roof on a circa 1.54 Hectare (3.8 Acre) site with and AMV of €80,000. The property is in need of extensive refurbishment throughout.

Archerstown Lodge, Durrow, Co Laois, is an impressive detached, six-bedroom dormer house extending to c. 474 sq.m and situated on an elevated site of c. 1.4 acres. The property features a cut stone exterior and slate roof, electric entrance gates, front and rear access from the public road with a post and rail driveway. The ground floor has under-floor heating and tiled floors throughout, whilst the first floor is wooden flooring throughout. Stand-out features include the large feature stone open fireplace, the wrought iron spiral staircase and the large bathroom with sunken Jacuzzi. Of the six bedrooms, 5 are ensuite.

REA has 26 estate agents in Leinster and 55 nationwide.

For Further information please contact Ed Dempsey (086 172 4449), or
Richard Burke or Craig McKechnie 01 531 3532