Property auction sales slump further to $3.9m in 4Q13

Lower by 15.2% from previous quarter.

Property auctions continued to attract a tepid response, with total value of properties sold falling along with a lower success rate, according to new data from Knight Frank.

Total auction sales values declined further by 15.2 per cent from $4.6 million in 3Q 2013 to $3.9 million in 4Q 2013. Since 2Q 2013, the total value has been on a downward trend, setting lower sales value record, according to the property research firm.

But Knight Frank noted that, on a more positive note, the total sales value of $99.6 million in 2013 surpassed the total sales value of $49.2 million in 2012 by 102.4 per cent.

"The better performance last year was attributed to an exuberant auction sales results in 1Q 2013, with the sale of Good Class Bungalows, petrol station, shophouses and industrial properties," said Knight Frank.

"The lack of big-ticket property transactions and shortage of available properties that cater to the needs of most buyers are factors impacting overall sales value via auction."