Auctioneers who hosted Munster's first discounted property auction expressed disappointment after only two of the 63 properties on offer were sold at the auction.

Auctioneer Tom McCarthy said they would have to review what happened but says he believes liquidity remains an issue for potential buyers.

Many attending said they believed the reserve price was still too high.

Three properties, including one house and two sites, were also sold following negotiations after the auction.

Up to 140 people attended the auction of 63 properties in counties, Cork, Kerry, Kilkenny, Tipperary, Clare, Dublin and Laois were on offer.

The two that sold included a one acre site at Dun Chaoin, Dingle, in Co Kerry.

Without planning permission it was bought as an investment by a Co Cork buyer for €26,000 – €1,000 above the reserve price.

The second property sold was a 10 acre site, with planning permission for horticultural use, at Leap, near Skibbereen in Co Cork which went for €68,000 – €2,000 less than the reserve price.

An eight-bedroom purpose built hostel in Castletownbere and a four-bedroom detached house in Clonmel were among the properties which did not sell.