The number of auction listings in Singapore increased 10.5 percent quarter-on-quarter to 400 listings in the second quarter of 2019, revealed a Knight Frank report. On an annual basis, auction listings rose 47.6 percent.
The report noted that the number of auction listings under owner sale rose 15.8 percent quarter-on-quarter in Q2 2019. The hike was led by the residential sector which posted a 23.3 percent increase to 106 listings.
This comes as more residential property owners turn to auction “as an alternative mode of sale to expedite their sales”.
The report showed that the number of non-landed and landed residential listings by owners in Q2 2019 rose by 15 percent and 28.9 percent quarter-on-quarter respectively.
Landed residential listings from District 19 (Serangoon Garden, Hougang, Punggol) increased from the previous quarter’s four to 10 in Q2 2019.
All the listings were for semi-detached homes with freehold and 999-year leasehold tenure, while average unit price stood at $1,003 per sq ft (psf).
Median prices of freehold landed properties within the district grew nine percent year-on-year to $1,247 psf in Q2 2019, said Knight Frank.
The number of non-landed residential listings in District 10 (Ardmore, Bukit Timah, Holland Road, Tanglin) rose from two in Q1 2019 to 11 in Q2 2019.
The units either have a freehold or 999-year tenures and carry an average asking price of $2,256 psf.
The property consultancy noted that freehold non-landed homes within the district inched up by 0.1 percent year-on-year to $1,818 psf in Q2 2019.
Meanwhile, auction listings under mortgagee sale fell 8.2 percent quarter-on-quarter to 146 listings in Q2 2019. The residential sector also accounted for the bulk of such listings with 91.
“The confluence of slower economy, restructuring of sectors, the volatile financial markets and rising interest rates contributed to the increase in mortgagee sales in Q2 2019,” said Knight Frank.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org