The results of the Allsop auctions are in and 55 of the 74 properties were sold. Two of the properties were subsequently sold but as the details of these sales will remain private I have ignored them from the analysis.

Sales of €9,534,000 were completed with the reserve prices on these properties of €6,991,500. A premium of 36% from the reserve prices.

However, I think the premium over the reserve price doesn't really tell the true story. If a property had a reserve was €1,000 but it sold for €10,000 that would be a 1,000% above the reserve! However if asking price back in the heights of 2007 was €100,000 the real story is that property prices are down 90% from peak.

With that in mind and updating from the previous post on the auction I have gone through the IPW database to search for similar properties that were for sale in 2007 to 2010.

Of the 55 properties that sold in the auction we have found a match for 40 of the properties.

The 'peak' asking price for these properties was €16,011,950 in comparison to a sale price today of €5,240,500. A fall from peak of a little over 67%.

The full analysis can be found in this google doc

Some of the large drops were

Lot 52, 40 Mc, Curtain Street, Gorey, Co. Wicklow a 3 bed house that sold for €55,000 and had an asking price of €298,000 in March 2008. A fall of 81% from peak.

Lot 2, 53 Shelbourne Park, Ringsend, Dublin a 2 bed appartment that sold for €130,000 and had an asking price of €480,000 in August 2007. A fall of 73% from peak.

Lot 32, 83 Riverdale, Oranmore, Co. Galway, a 2 bed house that sold for €80,000 and had an asking price of €290,000 in April 2007. A fall of 72% from peak

Allsop have released their catalogue for the auction on the 23rd of September.

http://www.auction.co.uk/irish/onlineCatalogue.asp

There are 74 lots in total, 68 residential properties.

We have searched through the IPW database in an attempt to match properties against historic asking prices for the same or similar properties.

We have found an exact comparison for 17 of the properties and a 'similar' comparison for another 20 properties. The historic price date range from April 2007 to December 2009, approximately 75% of the historic asking prices are from sometime in 2007

Overall the current Allsop reserves are 73% below historic prices prices, this is below the actual prices obtained in the previous Allsop auction so we may expect the actual prices obtained to be 20% to 25% above the quaoted reserves.

https://docs.google.com/spreadsheet/ccc?key=0AutgOtkznKxIdHVHaTdVWWpqSGNmS1FURE85eWZfbXc&hl=en_US

Image 1

Image 2

This report is over the period, from the 2010-04-04 to the 2010-05-02.

The drops per day was 78 down from 131 last report.

There were 2,184 drops and the average drop was €110 .
Over the same period there were 232 increases and the average increase was €119

The average rent was on 2010-05-02 was €778 down from €783 on the 2010-04-04

Please click here for the full report.

This report is over the period, from the 2010-03-21 to the 2010-04-04.

The drops per day was 131 up from 124 last report.

There were 1,697 drops and the average drop was €69 .
Over the same period there were 204 increases and the average increase was €112

The average rent was on 2010-04-04 was €783 down from €788 on the 2010-03-21

Please click here for the full report.

This report is over the period, from the 2010-03-16 to the 2010-03-27.

The drops per day was 164 down from 167 last report.

There were 1,803 drops and the average drop was €35,499 .
Over the same period there were 85 increases and the average increase was €28,273

The 1,803 properties reduced the price by just over €64.0 million in total.

The 85 properties raised their price by just under €2.4 million in total.

You can See the Report by clicking here

This report is over the period, from the 2010-03-07 to the 2010-03-21.

The drops per day was 124 down from 130 last report.

There were 1,735 drops and the average drop was €65 .
Over the same period there were 182 increases and the average increase was €85

The average rent was on 2010-03-21 was €788 unchanged from €788 on the 2010-03-07

Please click here for the full report.

This report is over the period, from the 2010-02-27 to the 2010-03-16.

The drops per day was 167 up from 175 last report.

There were 2,839 drops and the average drop was €36,759 .
Over the same period there were 109 increases and the average increase was €42,910

The 2,839 properties reduced the price by just over €104.4 million in total.

The 109 properties raised their price by just under €4.7 million in total.

You can See the Report by clicking here

This report is over the period, from the 2010-02-21 to the 2010-03-07.

The drops per day was 130 down from 133 last report.

There were 1,823 drops and the average drop was €74 .
Over the same period there were 193 increases and the average increase was €169

The average rent was on 2010-03-07 was €788 down from €794 on the 2010-02-21

Please click here for the full report.

This report is over the period, from the 2010-02-13 to the 2010-02-27.

The drops per day was 175 down from 216.

There were 2,444 drops and the average drop was €41,763 .
Over the same period there were 118 increases and the average increase was €29,053

The 2,444 properties reduced the price by just over €102.1 million in total.

The 118 properties raised their price by just under €3.4 million in total.

You can See the Report by clicking here

This report is over the period, from the 2010-02-07 to the 2010-02-21.

The drops per day was 133 down from 148 last report.

There were 1,866 drops and the average drop was €71 .
Over the same period there were 215 increases and the average increase was €147

The average rent was on 2010-02-21 was €794 down from €803 on the 2010-02-07

Please click here for the full report.