When it comes to auctions and property sales, Munster is like a small, skilled corner striker who shines on many occasions but can also have bad days in the shadow of a huge defence.
he Leinster market, with its tweed-covered horse country and goldfields to the south-east, often puts Munster in the shade, but this year a house price survey based on figures from reported sales in national media for January to June 2022 shows the province hit the net a few times and delivered a total price of €17,858 per acre, exceeding the national average by over €4,000/ac.
Munster results are somewhat distorted by the sale of a 57.7 AC farm at Ballineen, 40km from Cork city between Bandon and Dunmanway. The farm came with significant sand and gravel deposits and fetched €2.575m or over €44,600/ac at a Hodnett Forde auction.
A total of 10 auctions are recorded selling a total of 488.8 Ac. This is a huge increase in volume from 2021, when just 129.7ac was auctioned in the province between January and June. Likewise, the amount of money generated increased from €1.947 million to €8.729 million in the first six months of 2022, while the price per hectare increased by 19 percent compared to the same point in the previous year.
Overall, four out of ten farms sold at a Munster public auction and reported nationwide made over €1m, while five of the remaining six fetched over €12,000/ac.
A 9.6 ac field outside the town of Limerick in Crecora fetched €27,000/ac under the GVM hammer, while a 45.5 ac farm in Kilcow, Castleisland, fetched €1.18m or €26,000/ac ac on the Stuart and Company hammer. Another Kerry farm to break the €20,000/ac mark was a 55.5 ac dairy potential farm at Ardfert which sold for €1.16m or €21,000/ac when it was sold by Ger Carmody was sold.
Tipperary auctioneer Matt Ryan describes the 2022 market as strong. “There’s a lot of tradition for the right property and good soil,” he said, “there’s a cross-section of buyers from dairy farmers to local businessmen to hobby farmers.”
Dungarvan’s Brian Gleeson agrees. “We’re selling in West Waterford and East Cork,” he said, “and we’re seeing a mix of buyers, including business people looking for a safe place to put money that generates a tax-free income and you have dairy farmers expanding their grazing acreage want platform.
“In North Tipperary, says Eoin Dillon, dairy farmers don’t have everything their own way, and cattle breeders are also very involved. “There’s a lot of confidence and a lot of interest once land comes to market.”
GVM’s Tom Crosse is surprised by the relentless nature of the price hike. “There’s a lot going on. Businessmen are pushing prices down, especially near towns and cities, and banks aren’t shy about supporting land purchases.
“I have land that would generously be described as summer pasture which brings in €10,000/ac, I have a 12ac piece on offer at the moment at €270,000 and a farm that I have run for €650,000-700,000 which is €930,000 yields.”
https://www.independent.ie/business/farming/farm-property/munster-farm-sales/overall-acre-price-of-17858-in-munster-exceeds-the-national-average-41897918.html At €17,858, the total price per hectare in Münster is above the national average