26 Sept 2022

Limerick property fails to sell despite knockdown price

Limerick property fails to sell despite knockdown price

The fixer-upper property at Hyde Road - PICTURE: Brendan Gleeson

DESPITE a knockdown price, a Hyde Road property on the market for just €20,000 failed to sell at auction.

A spokesperson for BidX1, who handled the bidding on the property confirmed there were no bids on the property, leading to no sale.

Now, it is likely to go back under the hammer in September – although any interested party can submit an offer to the vendor ahead of time.

The home at 112 Hyde Road requires tens of thousands of euro of investment to bring it up to standard – and that’s before other issues which are associated with it are dealt with.

The end-of-terrace three bedroom property only attracted a handful of enquiries – and it was not the first time it has come to market.

The prospectus of the property states it's “in need to extensive repairs” and was subject to “extensive fire damage”.

Tiles are damaged, the roof of the two-up, two down is damaged, sources have also indicated.

So-called “neighbouring third parties” also have access to the backyard and part of the property, it’s understood.

Extending to 818 square foot, the home is subject to a tenancy “at terms unknown” auctioneer BidX1 states in its material.

However, there is off-street parking, and gardens at the front and rear.

BidX1 has advised that no inspections of the home are available at present.

However, a local source has said it is an ideal place to live in.

“People in the area are very interested to see this come back into use. The location is great, there is a bus outside which goes to the Crescent and goes to town,” they said.

A brief search on the property sales web site reveals there are only three other homes on the market for €20,000 or under – one derelict home in Roscommon, and two apartments in Castlefinn, Co Donegal.

The average house price in Ireland is now at €253,868.

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