Jane Mayne
Sherry FitzGerald Radford clocked up another successful week of sales last Friday, 23rd September 2022. One lot at Ebb Tide at Doogans Warren Rosslare Strand, Co Wexford, sold for €780,000, while another 4 Lots at Glasganny, Castlebridge, Co Wexford, fetched €1,330,000.
Commenting on the Ebb Tide sale Managing Director John Radford said, “It went very well actually. We were very happy with the results and that we almost achieved €285 000 over the asking price at auction. I think we had over 30 to 35 bids on the property. And the LSL Auctions’ aspect of that came in very well because both the buyer was online and the under bidder was online. We had 5 different bidders, but we had over, I think, 35 or 40 bids on the property. It was actually a very busy auction.”
“For Glasganny, that was 66 acres which sold for €1,330,000 and it was good auction as well. We had a high attendance at the auction and we had bidders online and in the room. We offered the property in 4 different Lots and it sold in the entire on completion. The buyer was actually based outside of Wexford. We’re very happy that it went under the hammer, and the vendors were delighted that the property could be sold on the day.”
“I do believe that the hybrid version that LSL has was a huge benefit to that. It’s a very good system I have to say, and it worked very well there on Friday,” he added.
Have the prices of farmland increased over the last 6 months? “I think that it’s down to supply, and there’s a lack of supply and there’s very little farms for sale, so hence the good interest in this one.”
In terms of what to expect from the market in the second half of the year John says: “I think our buyers have sort of changed because of remote working and that influence. In the residential sector we believe that there’s a major issue with supply. In terms of farming, because of long-term leases and so forth that there’s always going to be demand for good land, and we’re looking that we do have good land for sale when it comes to the market.”
“We have another nice auction coming up on LSL Auctions with a large period residence on 82 acres. We’d expect that to go well as well.”
John confirms that the residential market remains very strong. “We have offices in both New Ross and Wexford town and we find that the demand is very strong – demand is outstripping supply.”
“Wexford is very handy as you’re an hour and 30 minutes from Dublin, and that’s big selling point because people can work remotely and get their kids into a primary school and so forth. It’s a lifestyle choice for them to live down here. And if they need to go to Dublin once or twice a week it’s not an arduous task because there’s a good railroad network and a good road network to get there. The infrastructure is solid. That’s a big factor.”
Regarding current interest of buyers, the MD notes that: “34% of our buyers are not from Co. Wexford. About 1% of our buyers are South African, about 6% the UK, and the balance will be coming from Dublin, Wicklow and the general periphery of Wexford, which is interesting.”
“We have some accidental landlords that would probably want to sell because they can see that they can recoup their investment, and we have different vendors coming in to buy because they can see that yield up there. So some are getting out because they’re tired of it and there’s others coming in because they can see the yield so it’s a bit of a variation.”
For upcoming property sales on LSL Auctions, see here, here, here, and here.
Contact Sherry FitzGerald Radford on: +353 51 426 161.