Auction sales of residential properties in Singapore hit a one-year record high of $31.9 million in Q3 2017, according to a new report from Knight Frank.
By value, this respectively translates to a 40.3 percent and 166.8 percent surge from the prior quarter and same period a year ago. By number, 15 homes were successfully sold compared to six in Q2 2017. These comprise three landed and 12 non-landed houses, with three landed and seven of the latter accounting for mortgagee sales.
Overall, the number of auction listings here rose 26.7 percent quarter-on-quarter and 14.8 percent year-on-year to 209 units during the three-month period.
“The residential sector remained the major contributor of the total number of properties put up for auction (106 units out of 209 units). This represented an increase of 24.7 percent from 85 units in Q2 2017 or a six percent year-on-year increase from 100 units in Q3 2016,” said the property consultancy.
Looking ahead, it expects between 160 and 180 units to be put up for auction in Q4 2017, surpassing the figure for the same period last year.
With the rebounding housing market, Knight Frank noted that residential units put up for auction under owner sales could drop this quarter and next year. More owners could also delay the release of their properties in the open auction market amidst the anticipated price hike, in light of rising land costs and record bids for en bloc deals and government land sales.
This article was edited by Keshia Faculin.
