Auctions are not the preferred method of sale in the West and Northwest, where private contracts are considered the best way to sell land. This year’s auction season has been quiet in the region but an improvement on last year when the amount of land sold under the hammer and reported in the national newspapers rose from 149ac to 311ac and where the money fell from £1.382m to £1.382m. improved to €1.448 million. an increase of 5 pcs.
However, the average price per acre fell nearly 50 percent from €9,275/ac in the first six months of 2021 to €4,656/ac in auctions held between January and June this year, a home price survey based on figures from reported sales based in national media, shows.
The average was likely negatively impacted by the sale of a 178ac Farm of Burren Ground in Roo, Gort which brought in €792/ac. If you remove this farm from the figures, the price per hectare is over €9,800.
The most expensive piece of land sold was in Stradbally East, Clarinbridge, Co Galway where an 18.5 ac lot fetched €250,000 or €13,500/ac under the hammer of Gort auctioneer Colm Farrell. The same agent sold a 11.8 acre plot of land in Ballybrannigan Kinvara on the south coast of Galway Bay for €11,600/ac while a 49 ac farm with pasture land in Roo, Gort sold in lots for a total of €509,000 or €10,390/ac brought in ac .
Elphin auctioneer Tom Cox sold a 36 ac property in Clooneybeirne, Roscommon for €360,000 or €10,000/ac. Referring to the market situation, Mr Cox says that in the west of Ireland the market is very local and neighbors are selling to neighbours. “The 30ac lot with a profit of €10,000/ac is the most common type of transaction,” he said.
While dairy farming would not be strong in the area, the impact is very noticeable. “The milkman will travel 20 to 30 miles to buy a place to graze a couple of heifers. They’re good customers no matter where they’re from,” he said.
Returned emigrants are major players in the western property market, with a steady stream of people returning from England or the US looking for a house and a few acres.
Colm Farrell had a busy few weeks in the auction room recently selling 17 packages of 18 lots.
A total of 16 sold under the hammer in one week.
He says the customer base is a mix of people, from farmers to hobbyists to investors.
“There is good, strong demand for land here. With the smaller plots, you have larger farmers looking to consolidate and the smaller plots that are often targeted by hobbyists or those with an income outside of farming.”
He said dairy and beef compete for much land, with forest interests concentrated in peripheral areas. “Poor land that is clear is often bought for area aid where it qualifies,” he said.
https://www.independent.ie/business/farming/farm-property/connacht-farm-sales/slower-auction-season-but-good-prices-in-connachtulster-41897889.html Slower auction season but good prices in Connacht/Ulster