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27 Nov 2021

Limerick land sells for record price at auction

Record price for Limerick land at auction as bidders 'went at it'

6.1 acres at Robertstown, Shanagolden was sold for €155,000

A NEW record has been set for land prices in Limerick, one prominent auctioneer has stated.

A combination of factors, including the re-opening of the economy and the "feel good factor" in certain sectors are being put forward as reasons for the rise in prices.

Tom Crosse, an auctioneer with 40 years' experience, oversaw the auction of lands at Robertstown, Ballyhahill and Shanagolden Demesne, Shanagolden earlier this week.

The first lot for sale, both online and in-person at the GVM auction rooms at Glentworth Street in the city, was 6.1 acres at Robertstown, Shanagolden.

The guide price was €75,000 but it made more than double that.

According to Mr Crosse, two special buyers both wanted it and "they went at it". The gavel was dropped at €155,000 or an eye- watering €25,400 per acre.

"It is record price for land in Limerick. It set the tone for the rest of auction," he said.

A total of five lots were auctioned on Wednesday.

"Overall the sale averaged €12,600 per acre with no fewer than 16 bidders participating in the various lots. Lot 1 was the stand out lot and set a bench mark for land values going forward. All buyers were local and either in business or farming," said Mr Crosse.

Commenting on the prices achieved, the GVM Group Property Director said farmers are "fairly flush with money".

"It's been a great year for milk, good year for beef, single farm payments are filtering into the accounts. There is a feel good factor in the agricultural community. Businessmen are getting involved too but dairy farmers are the men to beat," he added.

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