Auction property sales to fall 24% to $80m this year

Buyers to remain cautious.

According to Colliers International, considering the current inertia in the property market, it is expected that the number of properties put up for mortgagee sale will continue to increase, particularly in the high-end residential and retail sectors. Ms Grace Ng (黄黎明), Deputy Managing Director of Colliers International, said “Affordability will still be the main concern among buyers. Buyers will continue to look for affordably-priced properties such as those below S$1.5 million.

Although buyers are expected to remain cautious – in light of the impending interest rates increase and the potential upcoming supply, which will put pressure on prices – sales activity is expected to pick up over the next two quarters, as both buyers and sellers gradually adjust their expectations to work towards market equilibrium.”

She concludes, “The total sale value for the Singapore auction property market is expected to come in at between S$70 million and S$80 million for the whole of 2014, a decrease of some 13-24 per cent from the total sales value in 2013.”