GOING, GOING, ALL GONE!
30 November 2012
Osborne King's final auction of the year, which took place on Friday last in Belfast resulted in virtually every property selling either on the day or prior to the event. A total sales receipt of over £2.5m was raised from the sale of 36 out of a possible 36 lots equating to a 100% success rate. The company’s auction team sold 23 of the 24 lots available in the room with the final lot selling post auction at marginally under its published maximum reserve. A varied mix of property ranging from individual houses and residential development land to commercial buildings and investment property was on offer with maximum reserves ranging from £7,500 to £225,000.
The majority of properties achieved prices over their maximum reserve prices including a city centre commercial property in Lisburn, which fetched £140,000 comfortably exceeding its maximum reserve price of £100,000. One of the most competitively priced lots, two derelict mid-terrace properties on Prospect Road, Bangor with a reserve of £40,000 attracted a lot of interest and competitive bidding achieving a sale price of £71,000 (78% over its reserve). In Belfast, a five-storey building suitable for a number of uses and located in a prominent position on the Lisburn Road opposite the City Hospital sold for £169,000.
Once again, residential properties outside Greater Belfast attracted bidders keen to acquire well priced houses. Sale prices achieved for a number of houses within the Craigavon area ranged from £36,000 for a semi-detached house to over £120,000 for a detached house, all of which were well above their maximum reserve prices.
Mark Carron who heads up Osborne King's auction team commented: "This has been our biggest auction since we re-engaged with the auction process, and with a 100% success rate it has certainly been our best so far. Our policy of pricing properties properly and as competitively as possible is attracting purchasers along with the price certainty by publishing a maximum reserve figure. In this current market, prices are at a five-year low, which is great for cash-rich buyers and those investors who have finance in place especially since there are extremely attractive opportunities for capable purchasers. We envisage our next auction in the spring will continue this encouraging momentum as we are already appraising properties for clients keen to use Osborne King. With five auctions in the last fifteen months and an overall success rate of close to 90% raising over £8 million we have demonstrated that our auctions are meeting client's requirements even in the most challenging market in living memory.
We have an extensive database of purchasers based locally and further afield and we are very encouraged that novice buyers seem to find our process straightforward and transparent."
Osborne King's first auction of 2013 will take place on Friday 22nd March 2013 with a closing date for entries for this auction on the 1 February 2013.