A farm in Bannow sold at auction for €655,000 last weekend

A FARM holding in Bannow was sold for a phenomenal price at auction last weekend, according to the auctioneer involved in the sale.

The parcel of land, at Graigue Hill, Carrig-on-Bannow, sold for a whopping €655,000 on Friday in the hands of Radford Sherry Fitzgerald Auctioneers.

Speaking to the Echo about the sale John Radford said the 42 acre holding came with a yard and sheds.

“I haven’t seen land sell for more this year,” he said, referring to the fact the holding was auctioned off at €15,500 per acre.

“Realistically, we were expecting around €10,000 to €12,000 per acre so the final price was phenomenal,” he said.

“It was above the market value but at the same time is shows there is an interest in good agricultural land,” he added.

Mr. Radford agreed that the success of the sale was indicative of a rise in market trends relating to good quality land.

Around 20 people turned up at the auction in New Ross on Friday and Mr. Radford said that in the end it was two local farmers who competed against each other.

“It was two local farmers who went head-to-head,” he said.

“I suppose it really is indicative of demand for good land,” he added.

The bidding was opened at €380,000 and it went on the market at the €500,000 mark before ultimately being sold for €655,000.

“There was a good bit of interest in it leading up to the auction and we had around 20 people there on the day,” said Mr. Radford.

He said the sale displayed confidence in the farming sector on the back of a “very difficult year”.

“It shows the public has confidence in the sector going forward,” he said.

Another farm land auction is due to take place this coming Friday when around 28 acres of land in Fethard-on-Sea will also go under the Radford Sherry Fitzgerald hammer.

“It will be interesting to see what that farm makes,” said Mr. Radford.