British auctioneer Allsop shook up the Irish market earlier this year when it announced it would put some properties on the auction block for around a quarter of their peak prices, raising fears of sharp new price falls.
But the crowds snapped up properties at closer to half their peak prices, setting a benchmark in a market with little transparency and showing some Irish punters are still willing to spend despite an unprecedented economic collapse.
"This gives us an idea of what things are really worth," said Tom Murray, a liquidator selling five properties. "It shows there's a market when the price is right."
He said he was "delighted" to get 345,000 euros ($498,700) for a three-bedroom penthouse in the south inner city, which he said might have sold for 850,000 euros during the heady days of the "Celtic Tiger" economy.
Most of the properties sold for around 50-60 percent below their pre-boom prices, according to real estate professionals monitoring the auction, in line with an estimate of peak-to-trough falls by the central bank in stress tests last month.
All but two of the 84 properties were sold, some for around one-third of their peak price.
www.reuters.com/article/ireland-property/irish-property-fire-sale-attracts-large-crowds-idUSLDE73E1ZV20110415
