The "Big Six" Dublin estate agencies - Sherry FitzGerald, Lisney, Gunne Residential, Hamilton Osborne King, Douglas Newman Good and Jackson-Stops - maintained a strong hold on the auction market in 1999, conducting 76 per cent of auctions this year. Of the 1,708 properties held in the greater Dublin area, 1,292 were handled by the top six agencies.
However, for the first time in several years, auction figures dropped. In 1998, a total of 1,804 auctions were held in the greater Dublin area. Auctions generally represent just a fraction of all sales - about five per cent nationally. However, in Dublin, the percentage of auctions is higher, representing about 30 per cent of sales overall. Traditionally, only more unusual or expensive family homes were put to auction but over the last five years, the big Dublin agencies have put more and more properties on the block, including smaller houses and apartments that would previously have been sold by private treaty.
This trend saw auction numbers jump from around 800 properties in 1994 to the present level. However, this year, and particularly in the second half of the year, some agencies increased their private treaty quota, particularly for smaller homes and apartments. Selling by private treaty can be faster than undergoing a full auction campaign, particularly in a strong market. Sherry FitzGerald maintained its position as the biggest auction house in Dublin and gained an extra percentage point share of the market. It held 466 auctions, giving it just over 27 per cent, up from 26 per cent in 1998. Lisney also gained market share.
The agency held 284 auctions, equating to a 16.6 per cent share of the market, up from 16 per cent last year. Lisney also maintained its hold in the top end of the market, where it sold six of the most expensive houses (see panel). Gunne Residential comes third in the market-share chart. It held 187 auctions in the greater Dublin area this year, giving it an 11 per cent share. This is down on last year, when it had 12.5 per cent of the auction market. Douglas Newman Good increased its share of the auction market by one percentage point, to 9 per cent, holding 159 auctions this year.
Hamilton Osborne King lost ground in the auction market, holding 135 auctions. This gives the agency an eight per cent share, down from just under 10 per cent last year.
Jackson Stops also marginally lost out on market share. It handled 3.5 per cent of auctions in the greater Dublin area, down half a per cent on last year.
It was Sherry FitzGerald's year in terms of developing the company. It raised over £3 million in its stock market flotation in April; purchased the Ross McParland new homes agency, and introduced a franchise operation to take the Sherry FitzGerald name nation-wide. It plans to have 40 franchises by the end of the year and is also expected to target other agencies specialising in the new homes market. It opened two new regional branches, in Cork and Limerick, and will open a new office in Castleknock next week, bringing its total number of branches to 16.
Douglas Newman Good added two new offices to its network. It now has 12 branches around the city. Gunne Residential opened a new branch in Templeogue, bringing its quota of offices to 12. Hamilton Osborne King has expanded. It opened a new branch office in Swords and is expected to announced a major shake-up in its residential division in the new year. Its commercial business continues to thrive, at the expense of other agencies and its decision to invest considerable staff and resources in the London market is clearly paying off at a time when Irish investors are ploughing millions into the UK.
