Bidding on a new build! Shocking

Short answer is this uncommon but is perfectly legal and no way to challenge it.

Is

I this the property? Unusual to be in a bidding war. As you notice, they are only selling no 7. They are not selling the whole estate.

The current tight market means that auctioneers will seek bids on anything they have to offer. It's my experience that many properties are currently going for 1/4 more than their asking price. It's their job to get their client the best price possible.

Outside of the Dublin area prices are still going up and reaching prices far ahead of the initial offer. I was looking for the first half of the year and nothing was going for the initial offer, often thing were reaching 1/3 more. Things maybe slowing now because people are getting twitchy looking at Dublin, but there is a brutal shortage of supply out in the country which is keeping prices high. Most of what's coming to market are ex-rentals.

Again, in some cases of one off homes in rural locations it is difficult to price something

But in towns, prices have been steady and most sales are very close to the original asking price.

Again, property price register will show you this.

I keep an eye on Naas, Newbridge and Kildare Town, also cahir and clonmel. Almost every property I've looked at has sold very close to the asking price, some sold below.

Very easy to cross check on PPR.

This is just a slightly more transparent way of purchasing a property .. you can see the bids online via the platform rather than the more traditional way of you making an offer on a property via an estate agent over the phone for example and then they call you to inform you there is a higher offer? Don’t understand the confusion?

How is it open to manipulation? In theory, in order to bid you need to provide proof of funds and register on their site I presume with your details. No different to calling an estate agent providing proof of funds and bidding on a property? I think this should be less open to the theory people have of EA making up bids to drive up prices? Hard to know either way I guess

Well that’s a load of balls. Amy wonder they have a bad name in the business. Surely it should be the other way round, so in order to bid you need to have verified proof of funds?

I agree - I saw it when it came onto the market and reckoned it was too cheap! Why should a new build not be sold like any other house?

I really don’t understand your outrage OP! The house was clearly underpriced and has now reached its market value! That’s the way the system works. And I’m speaking from personal experience - I have been outbid on numerous properties over the last nine months!

You are complaining in your post that there is bidding going on for a new build which is incorrect .There is bidding going on here for a 2nd hand property.Regardless of how your solicitor may be describing their fees , the facts are this house has been sold before and is a pre owned property. This house has been sold 2 years ago and has had a registered tenancy in it .It is being sold in the most common way for pre owned properties.

Very true. Same price.

I think the answer is anything goes when we are talking about purchasing Property in Ireland. They can charge anything they like because they know they get the interested parties. I also agree there should be no bidding if it is a new build, no matter what excuses come up on this site that it was underpriced. Nothing is underpriced in Dublin.

I still don’t understand the argument that there should be no bidding on a new house? On what logic? Typically new houses have been sold at a set price because they are part of an estate of similar houses but there is no rule that states that it has to be that way!

I've always wondered why new builds weren't sold like other houses. Always seemed strange that the builders would t try to maximise their income.