The property auction market in Singapore has jumped 20 percent on-year to S$87 million in the first half of 2010, according to property consultancy firm Colliers International.
About 440 properties were put up for sale in the auction market, out of which 378 properties came from property owners while 62 were mortgagee sales.
According to Colliers, the sharp decline of properties that were put up for mortgage sales was attributed to the widely-improved financial conditions of many mortgagors.
April saw the highest value from the auction market when 12 properties were sold amounting to a total value of nearly S$24.4 million, while May experienced a quiet period when only two properties changed hands for about S$6.89 million.
Colliers said the lull period in May was largely due to continued concerns over the euro debt crisis, as well as the growing tensions between the two Koreas which sent jitters through the stock market.
Colliers added that buying interest at auctions will remain keen, as market liquidity is high and more investors are looking into the property market to hedge against inflation.
The sale of seven landed properties contributed S$20.08 million or nearly 23.1 percent of the total auction transactions during the first half of the year. Four of the seven properties are located in the vicinity of Bukit Timah.
Other properties sold in the auction market in H1 include some retail properties, which contributed 23.1 percent or S$20.07 million of the total sales, and high-end apartment units, which contributed 15.4 percent or S$13.38 million.