More than €6m worth of homes going to auction

More than 40 properties are set to go under the hammer – with guide prices totalling in excess of €6 million – at the final O’Donnellan & Joyce auction of the year on December 12.

And the auctioneers have signalled it may be the last opportunity for first-time buyers to secure a home with a 10% deposit, with Central Bank guidelines currently under review.

Investors have also been warned that the Capital Gains Tax exemption scheme (on properties held for a period of seven years) will expire at the end of the year.

At the auction, properties will be on offer in the city centre, Salthill, Shantalla, Rahoon, Newcastle, Headford Road, Bohermore, Mervue, Oranmore, Moycullen, Clifden, Ballyconneely, Dunmore, Loughrea, Ahascragh, Ballinasloe, Mayo and Sligo.

Auctioneer Colm O’Donnellan told Tribune Property: “This is one auction that first-time buyers and investors will not want to miss, with a tremendous variety of properties on offer at exceptional value.

“This final auction of the year will allow first-time buyers to have the benefit of knowing that they can avail of the 90% loan offers which will currently be in place until the end of the year and thereafter are under review by the Central Bank.

“In addition, for investors this will be the last opportunity to avail of the Capital Gains Tax exemption where if you acquire a property prior to December 31, 2014 and hold it for a period of seven years, you will have no capital gains tax on the sale thereafter,” said Mr O’Donnellan.

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