Auctioned properties jump by 20.7% in 3Q

The number of units put up passed the 200-mark.

Singapore’s property auctions are gaining traction and simultaneously increasing in popularity as savvy residential buyers flock to auctions to find attractive deals.

According to a report by Knight Frank, a total of 222 units were put up for auction this quarter, marking the first time auctioned units reached the 200-mark since 2010.

Total auction sales value, meanwhile, increased by four-fold to $45.6m, as residential units dominated the list of successfully auctioned properties.

“Nine residential properties fetched S$31.6 million and accounted for 69.3% of the total sales value for the quarter. Of the nine transacted residential properties, only one was a landed property,” Knight Frank said.

However, the weak market sentiment and a tepid leasing market would dampen the performance of residential properties.

“Some owners, especially those with a variable rate loan, may face difficulties servicing their mortgage loan. As such, the number of residential properties going under the hammer is envisaged to rise along with mortgagee sale amid continuing market uncertainties. This is especially so for larger and higher priced units as well as prime properties,” Knight Frank added.