A completely stripped-back family home in Co Offaly hit the auction block recently and sold for more than three times the asking price after a lengthy bidding war.
Ireland’s housing crisis has reached new heights in recent years as the number of available family homes continues to be well shy of the demand.
This particular property is a detached four-bedroom house that is conveniently located 5km from Tullamore town centre.
The dormer bungalow is in need of extensive refurbishment as prior owners stripped the building back to its shell state - but despite this, there were nearly 200 bids over a two-hour period.
The large family home is 3,057 sq. ft - but its advertisement does not specify the surrounding land space.
The auctioneer's description doesn’t reveal how long the property has remained vacant or how much work and rebuilding it may need, however that didn’t deter a huge number of prospective homebuyers from bidding against each other to the bitter end.
The bidding started at a base price of just €80,000 for the spacious family home, and by the end, it had reached a whopping €265,000.
The final accepted bid was just €1,000 above the prior offer as the time came to a close.
It’s understandable why so many people were fighting over the spacious family home, with its close proximity to a town centre, schools and plenty of other amenities.
According to a local blog: “Tullamore is the capital town of the county of Offaly, and arguably the most central town in Ireland, located halfway between Dublin and Galway.
“Tullamore is a thriving and bustling town and a gateway to the midlands."
It’s not uncommon for family homes to be fought over by a number of potential buyers, but with the ongoing issues with housing supply, the pressure has never been higher to outbid competitors on homes like these.
READ MORE: Abandoned rural Irish family home sells for triple asking price after tense bidding war
READ MORE: Rural Irish house goes for double the price after two hour bidding war
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