Dublin, 6th October 2022 – BidX1 Ireland has released its sales figures for September, a month which saw the online auction specialist sell more than €45m-worth of residential and commercial property.
Notably, the Company recorded an additional €54m in underbidder liquidity, indicating significant demand from investors.
On the residential side, houses attracted competitive bidding with sale prices coming in at an average of 13% above their guides, while apartments achieved an average of 10% above their guides.
BidX1 sold 218 properties in total, with over 4,000 bids placed.
Gillian Earley, Divisional Director at BidX1 Ireland, commented: “When we surveyed our Irish investor database towards the end of summer, half of respondents said they intended to purchase a property between August and year-end – and 47% of those were fully cash-buyers.
“This finding was reflected in the activity on our platform in September, with over 700 bidders registering for our auctions and competitive bidding across the board.”
Notable sales include 63 Haddington Road in Ballsbridge, an end of terrace Georgian building adjacent to St Mary’s Church, which sold for €887,000 from a guide of €850,000 following a bidding war amongst three bidders. The property currently comprises a ground floor apartment with medical use across the first and second floors, but planning permission is in place for conversion to a single family home.
Meanwhile, on nearby Bath Avenue, No. 57 was sold for €1.1 million. A mid-terrace period building, with vacant possession, the property is divided into nine self-contained one-bedroom units.
Amongst the commercial sales, a mixed-use investment at 26 & 28 Upper Main Street in Letterkenny comprising 2 x retail units, 2 x office units and 4 x apartments attracted 183 bids within 45 minutes. The property finally sold for €846,000, almost double the guide price.
In Ballybritt, Galway, a modern retail warehouse investment at Briarhill Business Park also attracted plenty of bids, selling for €692,000 from a guide of €545,000.
Earley added: “It is worth noting that more than 500 under-bidders walked away empty-handed, all of whom are seeking to invest in property.
“Their unsuccessful bids totalled €54m. That’s a significant amount of capital seeking an investment opportunity; our bidders are ready to go.”
BidX1’s next Irish auctions are scheduled for 13th October and 10th November.
BidX1 is a digital platform which connects users with real estate investment opportunities in five markets and enables them to complete the entire transaction online. A leader in the PropTech space, the Company was first established in Dublin in 2011, where it held large-scale auction events for several years before transitioning to a digital model in 2015.
BidX1 offers both residential and commercial properties on its platform, across a broad range of asset types, which attracted more than 1.5 million visitors last year. While the make-up of buyers varies by market, the wide range of investment opportunities offered, coupled with a fully digital process, has made BidX1 popular with small-to-medium investors: more than 30% of those who purchased a property through the platform last year were repeat buyers.
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