Osborne King aims for 'biggest property auction ever'
Commercial property agency Osborne King has said their first auction of 2014 – which will take place on March 21 – will be its biggest ever.
The auction will comprise of 48 lots with a maximum reserve of £3.8m, according to Mark Carron, head of the company's auction team.
Osborne King said it hopes to build on the success of its last auction in November when 94% of the lots were sold, several at above their published maximum reserves.
Mr Carron said property worth over £15m was sold through auctions in Northern Ireland during 2013.
He said: "The fact is that auctions are an integral part of the local property market and there has been a marked shift from buying and selling property in the traditional way, which suggests that more people are appreciating the benefits of buying and selling property at auction.
"It's a much more straightforward process which offers buyers transparency coupled with speed and efficiency."
The auction will include a former mill, an even mix of commercial and residential properties, as well as development land. Mr Carron said the quality of product coming to auction had improved, with higher-value lots being submitted.
He added: "Reports of economic growth and a modest rise in property prices certainly appear to be having a positive effect in terms of confidence returning to the market, which is very encouraging.
"For instance, we sold a detached house on a development in Portadown for £63,000 in June 2013.
"In our auction five months later, we sold a semi-detached property on the same development for £71,000.
"Obviously, this is not a dramatic increase – however, it indicates that prices are on an upwards trajectory at long last and also that people acknowledge the potential value of auction purchases and are perhaps afraid of missing out.
"Indeed, we are seeing repeat buyers coming to our auctions, which would support this theory."
Maximum reserve prices range from zero to £360,000. A list of all the lots is available in the auction catalogue, which is now available online at www.osborneking.com/auction or by telephoning 028 90 270000.