The auction market experienced another busy and profitable year in the greater Dublin area with the number of auctions increasing by a significant 27 per cent in 2004.
A total of 1,184 auctions were held this year in the greater Dublin area, compared with 931 auctions in 2003, according to figures compiled by The Irish Times.
The Big Six Dublin agencies - Sherry Fitzgerald, Lisney, Gunne Residential, Hamilton Osborne King, Douglas Newman and Jackson-Stops - maintained a strong hold on the market in 2004 handling 76 per cent of auctions in the Dublin/Wicklow area. This figure, however, is down 5 per cent on last year with smaller agencies taking a greater share of the market.
Sherry FitzGerald emerged as the dominant auction house in 2004 with its 264 auction giving it a 22.3 per cent of the market, up 1 per cent on last year.
Close on Sherry FitzGerald's heels are Lisney who, after three years at the top of the auction table, slipped into second place. Its 257 auctions in 2004 represent a 21.7 per cent share of the market, a drop of over 4 per cent on last year.
Lisney and Sherry FitzGerald are tied in first position in sales of expensive homes. Both agencies handled five out of the 17 highest priced house sales (see panel, page 3).
This is the first time Lisney has been challenged for its position as the top agent for expensive homes in the last six years.
HOK Residential came third in the top-priced homes table, handling two of the 17 most expensive homes in Dublin.
For the second year running Douglas Newman Good increased its share of the market to just over 13 per cent, a rise of just under 1 per cent on last year.
With 92 auctions and 7.7 per cent of the market share HOK Residential kept its fourth place in the auction table. This is down just over 1 per cent on last year's figure. The agency came third in the top-priced homes table, handling two of the 17 most expensive homes in Dublin.
Total Gunne auctions amounted to 88 in 2004, giving them 7.4 per cent of the share and placing them in fifth place for the third year running.
Jackson-Stops maintained its sixth place in the table, with 42 auctions and 3.5 per cent of sales. This is a drop of just under 2 per cent on last year.
Auctions generally only represent a fraction of all sales - about five per cent nationally. However, in Dublin, the percentage of auctions is higher and provides a good indicator of the rest of the market. It is estimated that auctions represent between 7 and 10 per cent of all sales in Dublin
Traditionally, only unusual or expensive homes were sold by auction, but in the late 1990s Dublin agencies opted to put an increasing number of properties on the block. In these boom years auction numbers jumped from around 800 in 1994 to over 1,700 in 1999.
Disappointing results, however, resulted in a steep decline in the number of sales, with only 804 sales recorded in 2002.
After a number of years of uncertainly in the auction rooms and reduce sales, this year's 27 per cent increase indicates renewed confidence in the auction system.
While auctions come with a guide price this figure is often surpassed on the day. Similarly some private treaty sales are equally prone to price increases. Quite a number of private treaty sales turn into private auctions.
Meanwhile, house prices in Dublin continue their steady increase. One industry source estimated that the second hand house market has increased by over 12 per cent this year.
At the top end of the market increases of up to 20 per cent were experienced and in the lower end, houses priced below €350,000, there was a 7 per cent increase. In the new homes market the increase was between 5 and 10 per cent.
