THE LINE-UP of property may not have been as exciting as previous autions, but the Allsop Space auction in the Shelbourne Hotel last Thursday was heaving, with no sign of the Irish appetite for distressed property waning. So packed was the venue - with over 2,000 people attending throughout the day - that spectators were asked to make a swift exit to make more room for bidders.

With a 95 per cent success rate in terms of sales, it was their most successful auction yet, and it was an eventful day with a protester from the newly formed Defend Our Homes League heckling Allsop auctioneer Gary Murphy, accusing his company of exploiting distressed property owners.

Although the firm advertised the auction in the Epoch Times,which has a huge Chinese readership, there wasn't a big turnout from the Chinese community in Ireland. The profile of attendees was largely Irish men and women aged 40-plus.

Of the 93 lots offered, 88 sold and the average price was 35 per cent above reserve. While residential sales took in €7 million, commercial was €4.7 million and land was €920,000

Proving there are still a lot of people with money in Ireland - domestic investment was €10.8 million. Foreign investment was €1.8 million.

It seems that cash buyers were again in the majority, with 25 per cent of those surveyed by Allsop Space confirming finance was secured for their purchase. According to Allsop Space, a number of people confirmed that they were intending to use their public service lump sum payment, to invest in income-producing property.