Record price per acre paid for County Limerick field

THE DEMAND for housing is permeating the land market with a 5.9 acre field in County Limerick selling for a record price of €31,355 per acre under the hammer.

The figure of €185,000 for the field in Ballybricken represents a “milestone” price for  auctioneer Tom Crosse, of GVM. It made almost double the guide price of €100,000 at a packed auction last Thursday.

“I have been in the business for 40 years and it is a milestone for me in terms of the price per acre achieved,” said Mr Crosse, who described the field as top quality land contained in one block with extensive road frontage.

He put the record price down to a number of very enthusiastic bidders, including farmers, and the fact it has road frontage and is located in a very good residential area. See video above from LSL Auctions.

“There was a lot of interest in it. I would like to emphasise that I wish the buyers all the best. It may appear expensive on the face of it but if they get planning for a house on it - sites on that field could be worth €70,000 or  €80,000. 

“They could have a beautiful home and a nice field for the balance of their property. If they can get planning on it, it will be cheap all of a sudden. It is all relative,” said Mr Crosse.

The new owners, who received a warm round of applause at the end of the auction, are understood to be natives of the Ballybricken area.

The sale capped off a busy week for GVM who sold lands totalling €4m in Fedamore, Pallasgreen, Doon, Rathkeale, and Bansha and Cappawhite in County Tipperary.

Mr Crosse said it reflects the strength of the land market. 

The first lot in the auction of land in Ballybricken was a 9.88 acre roadside holding with extensive road frontage which sold for €160,000 or €16,194 per acre.

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The third lot was an old cottage on 0.56 acres which made €220,000.

“The guide was €150,000 so it was pushed up quite a bit at the auction. Some people are happy to buy a cottage to refurbish it They can avail of the €70,000 refurbishment grant.  There is also the option of demolishing the old property and rebuilding,” said Mr Crosse. 

He said there are lots of people that have an interest in acquiring  land, doing some hobby farming and building  a house if they qualify. 

“That is all influencing well-located lots that come up to the market,” said Mr Crosse.