Online bidding war doubles value of Limerick farmland to €295,000
Forty acres of prime farmland in Limerick more than doubled in value, to just under €300,000, when two bidders went head-to-head in an online bidding war recently.
The six pastures spanning 40 acres, in Ballintona, went under the virtual hammer with the opening bid set at €130,000.
But the bidding quickly reached €200,000 as the two prospective buyers competed against one another to acquire the land.
It’s easy to see why this farmland proved so popular, with the pastures suitable for beef, dairy and sheep farming, as well as equestrian activities.
In one flurry of bids between the pair, the price on offer for the fields – which are renowned for their fertile soil and are 3km from the village of Galbally – rose from €201,000 to €217,000 in as little as 67 seconds.
And, 95 minutes after the auction began, ‘bidder two’ secured the land with a final bid of €295,000.
Other highlights from the auction held on 29 September, organised by property portal Youbid.ie, included an apartment in Kilkenny which sold for 24 per cent above the advised minimum value (AMV).
Opening bids for Number 49 John's Gate, Barrack Street, had been set at €85,000.
But five bidders drove the price up to €111,000 during an auction which lasted less than two hours.
In the same sale, 21 Dun Eoin Meadow, Ballinrea Road – a three-bedroom semi-detached home in Carrigaline, Co Cork – sold for €210,000 – eight per cent above the AMV of €195,000.
Youbid.ie marketing manager, Méabh Tobin, said 96 per cent of all properties that went under the hammer in the auction sold on the day, with prices in some cases exceeding 29 per cent of the reserve.
She commented: “It was a great day for the Youbid.ie auction team, with strong results being achieved for a variety of properties from 10 different counties.
“The response from both vendor and purchasers was very positive.”
The next online auction will be held on 27 October. For more information, please visit www.youbid.ie