Residential auction sales dropped in first half 2018: Colliers

There has been an increase in the number of properties offered for auction, however sales have reduced.

The total number of properties in Singapore added to the auction block, together with re-listings, surged to   21.7 % year-on-year to 454 or the maximum since the second part of 2009, Colliers international report outlined.

Out of this figure, 234 among them were residential properties, which increase by 15 .8 % from the 202 homes put up for auction in the corresponding period one year ago.

Particularly, residential mortgage listings or the figures of foreclosed apartments auctioned by the banks increased by 11 % to 121 units per annum.

“Additional homeowners have adopted listing their homes through auctions to get the best publicity possible (and receive the best value), while mortgagee entries grew at a less pace due to a better economy,” explained Nathan Nguyen, Colliers’ assistant director of research.

Out of the 454 properties put up for auction, 21 were old successfully in H1 2018. Even though this is a bit more than the 20 auctioned in the corresponding period twelve months ago , this is 25 % lesser than the 28 sold in the second part  of 2017, because only a handful of residential and commercial properties sold.

In general, the whole  auction sales comprising of  all kinds of properties dropped to $35.3 million from the $46 .2 million registered in the same period a year ago as a result of lower costs  per unit.

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In total, 17 residential properties were auctioned off successfully for a total of $29 .5 million, a decline from the $38 .3 million recorded in the first quarter of 2017. The biggest residential transaction in the most recent period is a  $2 .7 million sale of a condominium unit. In contrast, one of the biggest deals in the previous year was the divestment of a Good Class Bungalow (GCB )  that went for $11 .4 million in April .