Property auction market’s sales value drops to its lowest level since 1H20

Sales value clocked in at $15.2m.

Despite successfully hammering 11 properties, Singapore’s property auction market still recorded a 59.7% HoH lower sales value in 1H23.

Of the total properties sold in 1H23, seven were industrial properties, three were residential, and one was office.

The 1H23 figure is also the lowest value recorded by the market since 1H20 when only one property got sold for $0.94m.

EDMUND TIE’s Head of Auction and Sales, Joy Tan, attributed the low sales value in 1H23 to the “properties hammered being of low quantum.”

Tan said most of the properties hammered in 1H23 were either below or just past the $1m mark, adding that there was only one high-value transaction during the period that was above $5m.

The only high-value transaction in 1H 2023 was a three-storey semi-detached house along Vaughan Road ($6.3m).

“Additionally, on the back of the high-interest rates, the cooling measures announced in April and the overall uncertain macro environment, buyers have generally adopted a wait-and-see stance," Tan added.