Land prices remain vibrant
A 57.6 acre (23.3 hectare) residential farm at Lowertown Mor, Blueball sold for €575,000 - almost €10,000 an acre) at public auction recently.
The farm was sold in trust to a Dublin solicitor who was acting on behalf of an undisclosed client.
Previous to this the farm had been rented out for the past number of years. It came to market with an old single storey residence, a yard and some outhouses. The land is high ground, currently in grass, and has extensive road frontage to the main Tullamore Birr road.
The selling agent John Mollin of Property Team Mollin Estates Tullamore offered the property initially in two separate lots, but they failed to reach their reserves at the auction.
After this, bidding for the entire property opened at €415,000. Two keen bidders then progressed the price to €500,000, before the hammer finally fell at €575,000.
John Mollin also sold a 62-acre tillage and grass farm at Rahan, privately in recent weeks. The property was sold in four lots for a combined figure believed to be in the region of €655,000.
The first lot comprising 19.7 acres made €225,000; the three bedroom bungalow on 13 acres realised €175,000; 8.5 acres was sold for €80,000; the final 20.7 acres made €175,000. On average the pricing worked out at €10,565 an acre, exceeding the €9,000 guide price. All four buyers were neighbouring farmers.