The crowds spilled on to the pavement at Ireland\’s first ever auction of \”distressed property\” today as an estimated 1,200 would-be buyers flocked to the swish Shelbourne Hotel in Dublin in search of a bargain.
But with 84 keenly priced lots, ranging from a three-bed semi priced as low as €22,500 (£20,000) to a four-bed mews house in Dublin\’s most salubrious district going for €600,000, it was probably always going to be busy.
As we know, and as all should know, it\’s prices that adjust so as to balance supply and demand. There\’s nothing worse than a market out of whack, one where prices don\’t, will not or haven\’t so adjusted.
So yes, this distress sale of repossessed properties is a good thing. Get liquidity back into the Irish property market, at whatever price, and we\’re starting to solve the problem.