Allsop has just carried out its second auction of distressed properties in Dublin and the success rate was 94%, slightly down on the 99% success rate achieved during the first auction.

From the 83 properties auctioned, 78 were sold on the day, the majority of which were repossessions, while a few were auctioned by private sellers.

Jennifer Mortimer, marketing co-ordinator for Allsop says: “There were more overseas bidders than for the last auction in Dublin and we had bidders from Singapore, Australia and France. However, from the 78 properties sold on the day, only five or six were sold to foreign bidders from Brazil, Luxembourg, South Africa and the UK. The rest were sold to domestic buyers.

“A luxury newly built 5th and 6th floor duplex, which is already tenanted and rents for €14,400 a year, sold for €177,000, (8.1% gross yield), and the biggest lot of the day was Lot 20 – a 6 bedroom house on Ailesbury Road, Ireland’s most exclusive address. This property sold for €2.25m to a private bidder on the phone.”

Mortimer concludes: “We are trying out different lots at the moment to see what works best and our next distressed property auction in Dublin will be on the 23 rd of September.”