Buyers hold back; only one property sold at auction during Hungry Ghost Festival

Don’t blame superstition though, as the record low is attributed to some other factors.

According to Colliers International, a total of 34 properties were put up for auction sale during this year’s Hungry Ghost Festival but only one property was sold. This is said to be comparable to the Hungry Ghost Festival in 1998, during which two properties were sold out of 29 put up for auction sale.

Deputy Managing Director of Colliers International, Ms Grace Ng, said this is mainly due to the current market conditions and buyers’ sentiment and not to the superstition associated with the Hungry Ghost Festival.

“The lull in the residential market, as a result of the government measures introduced since January this year, has impacted the auction property market and reduced the number of residential properties put up for auction sale,” she noted.

Ng added that sellers have held back from putting their properties up for sale amidst buyers and investors adopting a ‘wait-and-see’ attitude. She said property buyers are also holding back as they are worried about a double-dip recession.