REA Hynes report strong results from their most recent online auction. The firm brought 15 acres of residential zoned lands to market in Cornamaddy, Athlone to market with an AMV of €150,000. The property quickly hit this figure as bidding rose rapidly to €200,000. Bidding then accelerated, blasting through the €250,000 barrier and finishing at €300,000. The property attracted 12 bids in total from 4 different bidder in 3 cities.
Commenting on the auction, Healy Hynes of REA Hynes had this to say. “Todays strong result is an indication of the increased confidence in the markertplace. Over 250 people vewed the property and the auction was watched live from parties in 7 towns and cities. Although house prices in Athlone are still shy of the figure required to make new home building viable, we are hopeful that results like this will encourage more developers back to Athlone and see badly needed new home stock coming on stream.”
The firm were also bringing a 2 bedroom apartment in Inish House, Golden Island to auction on the same day. Mr. Hynes confirmed that this property was sold prior to auction for an undisclosed sum.
“With an obvious number of unsatisfied underbidders from this auction, it is clear that the demand for development land in Athlone is on the upturn.”
Commenting on the online platform itself, Mr Hynes said “By conducting the auction online, we are able to attract buyers from well outside the local area, opening up a much wider market for our clients. Our results throughout 2015 show that the online space is where the market is moving, we have had 100% success with all our online auctions. Properties have exceeded the reserves; in some cases achieving double what was expected.”
Anyone interested in finding out more about REA Hynes online auction platform can contact Healy Hynes on 0906473838 or email: healy@hynes.ie
