Major Success At Local Public Auction - 93% Success Rate
10 September 2011It was standing room only with up to 500 people attending Osborne King's auction in the Holiday Inn on Belfast's Ormeau Avenue and bidders competing to secure commercial and residential properties ranging in value from £40,000 to £150,000. 93% of the 27 lots on offer were sold as successful bidders flocked to avail themselves of opportunities to acquire a diverse mix of properties including a former police station, licensed premises, development land in addition to a number of 3 and 4-bedroom homes.
The auction attracted widespread local interest with buyers registered from across Northern Ireland and representing a varied mix ranging from first-time buyers to buy-to-let investors and developers.
Referring to the fact that up to 70% of lots sold had been on the market previously for a considerable period without resulting in a successful sale, Osborne King's managing director, Martin McDowell stated: "There can be little room for doubt that the auction process is an extremely effective and efficient method of sale, particularly with regard to properties that have been on the market for some time. Some of the lots sold today have been on the market for up to two years, and the fact that these sales have been achieved within a six-week marketing period demonstrates clearly that there is a demand for this method of sale provided that it is managed properly."
Among the highlights of the auction were the sale of Invermore House, Larne and a development site at Robert Street, Lurgan, which were sold for £201,000 and £135,000 exceeding their maximum reserve prices of £100,00 and £65,000 respectively or in excess of 100% in each case.
Commenting further upon the day's events, Mr McDowell added: "We thought long and hard before deciding to re-engage with the auction process, particularly given the current economic and financial climate. We took a view that the market had bottomed out, that vendors had become more realistic in terms of their price expectations and that, ultimately, property is still a good medium to long-term investment especially in comparison to returns on other types of investment and savings."
Encouraged by today's results, the Osborne King auction team is gearing up for a second auction, which will take place on Thursday, 8th of December with a closing date for entries by Monday 31st of October.
CLICK HERE for Auction Results or alternatively go to the Auction Webpage www.osborneking.com/auction.asp