Farmland prices remain steady as dairy drives demand

The average price paid for farmland across the country in 2013 was €10,500 per acre, which is remarkably similar to the figure of €10,586 in 2012.

This is according a agricultural land market report published this week by Ganly Walters.

The Northwest/West region, with counties Donegal, Sligo, Leitrim, Mayo, Roscommon, Galway and Clare, recorded the highest national increase for 2013, rising by 20.8 per cent to an average of €8,557 per acre. The Southeast saw the second highest increase in 2013 at 14.9 per cent, followed by Dublin/Kildare/Wicklow at 14.2 per cent. This is according to Robert Ganly managing director of Ganly Walters.

He continued: “In terms of land sales nationally, they increased by 13 per cent with 13,432 acres of farmland being sold, compared to 12,100 acres the previous year.”

According to Ganly, the company is experiencing a strong demand and are forecasting that with the good winter so far and the likelihood of substantial yields this year and a strong performance in the dairy sector, values are likely to increase by five per cent overall in 2014.

“The total number of farms advertised in 2013 was 590, out of that, there were a total of 232 sales completed, 201 of these have been used in the survey, as there were 31 sale prices undisclosed.

The Ganly Walters survey also found that over the entire country there were approximately 13,432 acres changed hands during 2013, compared with 12,100 in 2012,” he added.

In 2013 approximately 43,000 acres came to the market, slightly more than 41,000 which came to the market in 2012, the report found.

This is the 21st Agricultural Land Survey by Ganly Walters. The survey is based on the reported farmland sales in the two main farming newspapers and research by Ganly Walters.

Here is a regional breakdown of its results:

Dublin/Kildare/Wicklow

Ganly Walters found there was an increase of 14.2 per cent in the price of land in this region. The average price paid was €14,427 per acre in 2013, an increase from the previous year’s €12,636 per acre. There were 31 recorded land sales; however, there were six further sales, totalling 418 acres, in this region which have not been included in the figures as the sold price was not disclosed. A total of 6,234 acres came to the market and approximately 2,824 acres were sold.

The average price paid in the 20 to 49 acre category was €14,775 per acre, an increase from €12,449 per acre in 2012. There were 14 sales in this size bracket.

Good prices were achieved in this area, including the sale of Rosepark, Killsallaghan, Co Dublin by Ganly Walters at auction on 18.8 acres for €477,500. Sold privately was Dragonhold, Underhill, Newcastle, Co Wicklow on 31 acres and Bahana, Enniskerry, Co Wicklow on 20 acres.

In the next category of 50 to 99 acres the price averaged at €14,143 per acre in 2013, some increase from 2012 average of €10,309 per acre. There were eight sales in this bracket included in the Ganly Walters survey.

The average price decreased to €12,787 per acre in the 100 to 199 acre category, where six sales took place, compared to €14,115 per acre in 2012. Ganly Walters sold Mountkennedy House, Newtownmountkennedy, Co Wicklow on 169 acres, by private treaty.

In the larger size category of 200 acres plus, the average price paid in 2013 was €15,526, an increase from €14,103 in 2012. There were three properties sold. Ganly Walters sold privately two very fine properties, one being, Milverton Demesne, Skerries, Co Dublin on 468 acres, and the second being, Palmerstown Estate, Johnstown, Co Kildare on 668 acres.

Midlands

This area in the Ganly Walters survey covers the counties of Meath, Westmeath, Offaly, Longford and Laois. There were 56 reported sales in 2013, this includes seven sales that took place but the sale price was not disclosed, out of 150 recorded properties advertised. The average price paid for land in 2013 has decreased to €9,202 per acre, compared to 2012 the average price was €10,190.

In the 20 to 49 acre bracket, €9,967 per acre was paid in 2013, down slightly from the previous year’s average of €10,844 per acre. There were 30 sales in this category included in the survey. Most of the activity in this bracket took place in Co Meath, where there was a total of 26 sales. Ganly Walters sold by private treaty, 15 acres at Enfield, Co Meath.

An average price of €9,256 per acre was paid in the 50 to 99 acre category in 2013 where 11 sales took place, this is an increase from the 2012 average price of €8,708 per acre. There were 6 reported sales in the 100 to 199 acre category in 2013 with an average price of €8,887 per acre, down from 2012’s average of €10,166. Ganly Walters sold a residential farm at Killaderry, Croghan Road, Daingan, Co Offaly on 103 acres, at auction for €750,000.

In the 200 acre plus category, there were two sales, giving an average of €8,615, down from last year where €11,199 was achieved per acre. Ganly Walters sold privately, Dowth Hall, Drogheda, Co Meath on 420 acres.

South west

The average price in this region was €9,204 per acre in 2013 compared to €11,588 per acre in 2012. There were 36 sales, which covers Counties Cork, Tipperary, Kerry and Limerick. A further two sales took place but are not included in the Ganly Walters survey because the price was not disclosed. In this region over 14,000 acres were brought to the market, and approximately 3,000 acres were sold.

In the 20 to 49 acre bracket the average price was €10,437 per acre from 19 farms sold, on par with 2012’s average price of €10,580 per acre.

The average price paid in 2013 in the 50 to 99 acre bracket was €9,193 per acre, compared to €10,456 per acre in 2012, there were 12 sales in this category.

The next size bracket 100 to 199 acres where 7 sales were recorded, the average price was €7,332 per acre in 2013; a decrease from the 2012 average price of €9,649 per acre.

In the 200 acres plus category the average price achieved was €8,556 per acre for 2013.

 

South east

There were 37 sales in this region, which covers Counties Kilkenny, Wexford, Carlow and Waterford, and twelve further sales successfully completed but the price was not disclosed. The price averaged €11,959 per acre, a 15 per cent increase on 2012’s average price of €10,408 per acre.

In the smallest category of 20 to 49 acre the average price was €12,754 per acre in 2013. In the previous year, 2012, the average price paid was €9,935 per acre. There are 25 sales included in this survey.

In the 50 to 99 acre category, land sold for €11,062 per acre in 2013, this is an increase from an average of €10,468 per acre in this region, in 2012. Ganly Walters sold privately, Blackstick House and Farm, Courteencurragh, Gorey, Co Wexford on 59 acres.

The average price paid in the 100 to 199 acre bracket was €11,714 per acre in 2013, an increase an average price of €10,567 per acre in 2012.

 

Northwest/West

There were 35 reported land sales in this region in 2013, this region covers Counties Donegal, Sligo, Leitrim, Mayo, Roscommon, Galway and Clare. The average price paid was €8,557 per acre in 2013, compared to €7,082 per acre in 2012.

In the 20 to 49 acre bracket the average price was €6,487 per acre in 2013, compared to €7,572 per acre in 2012. There were 13 recorded sales in this category.

In the next category of 50 to 99 acres, where 12 sales were recorded, the average price paid was €9,722 per acre in 2013; an increase from the average price paid in 2012 which was €5,445 per acre. Ganly Walters sold Knockglass House, Crossmolina, Co Mayo on 52 acres at auction for €350,000, also in Co Mayo they sold privately, Inishturk Beg, Clew Bay on 65 acres. In Co. Clare, Ganly Walters sold by auction Carnelly House, Clarecastle, Ennis on 74.2 acres for €660,000 and sold privately, Landscape House, Clonlara on 80 acres.

There were three recorded sales in the 100 to 199 acre category; the average price paid was €5,022 per acre in 2013.

In the largest category, 200 acres plus, there were four sales, giving an average of €10,647 per acre. Ganly Walters sold privately, Tinarana Estate, Killaloe, Co Clare on 245 acres.

 

North east

In this region, which includes counties Louth, Cavan and Monaghan, an average price of €8,011 per acre was paid in 2013, with 2012’s average price being €8,262 per acre.

In the 20 to 49 acre category, 10 sales happened; eight of which were in Co Cavan. The average price was €9,048 per acre in 2013 compared to €9,365 per acre in 2012. Ganly Walters sold Mill House, Tullivan, Co Cavan on 17 acres by private treaty.

Just two sales took place in the 50-99 acre category; this gave an average of €4,973 per acre in 2013, compared to €4,643 in 2012.

In the 100-199 acre category, one sale took place, giving an average of €9,807 per acre in 2013.

Pictured Robert Ganly of Ganly Walters

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