The auction success rate was at 6.5% in Q2 2021, with 13 properties, with a gross value of $36.9 million, being sold.
Knight Frank expects the auction success rate for this year to surpass 5%, amidst an increased inventory as well as an optimistic growth in gross domestic product (GDP), reported Singapore Business Review (SBR).
Singapore saw 200 auction listings in the second quarter of 2021, despite the heightened alert restrictions. Owner sales made up 50% of the total listings, while mortgagee sales accounted for 43.5%.
Success rate, inclusive of repeat listings and exclusive properties sold outside auctions, continued to increase, hitting 6.5% in Q2 2021 from 3.5% in the previous quarter.
Specifically, 13 properties, with a total gross value of $36.9 million, were sold. Of these, eight were mortgagee sales, while the other five were sheriff and estate sales.
Among the mortgagee listings, 40 were residential properties, which comprise nine landed homes and 31 condominium units.
Industrial mortgagee listings fell to 18 during the period under review after hitting a high of 56 listings in Q1 2021.
In Q2 2021, owner sale listings increased by 24 to 100 as more owners turned to auction to divest their properties with high price expectations, especially within the non-landed housing sector.
Given the success seen in the first half of the year, Knight Frank expects auction listings for the second half of 2021 to increase moderately.
Cheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email: [email protected]