Property auction disaster shows prices still falling... IRELAND'S first discounted property auction proved a disaster yesterday, with just two of the 63 properties on offer being sold. Only two separate plots of land sold for a total of €95,000 at the auction in a Cork hotel, despite the fact that over €10m worth of houses and properties were on offer. Those same properties were worth almost €30m just five years ago. But yesterday potential bidders felt the prices were still too high. Analysts grimly warned last night that it was proof the Irish market had still to reach rock bottom -- with potential buyers convinced that prices will fall back further. Yesterday's auction was the first to involve discounted Irish properties. These are cut-price holdings being sold by private owners or developers eager to dispose of assets. Ireland's first distressed-property auction took place in Dublin last April when €14.8m worth of deals were struck. Distressed property invol
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