Chart of the Day: Auction sales crashed 53% to $54.12m

Only 34 properties were sold via auction in 2018.

This chart from JLL shows that auction sales in Singapore plummeted 53% YoY to $54.12m in 2018 from $101.5m worth of transactions in 2017. With this, auction sales have reached their 7-year low since 2012, the firm noted.

The volume sold through auction also crashed 23% from 44 properties in 2017 to 34 properties in 2018.

Residential homes comprised 83.6% of the sales, JLL noted. They also added that the largest sales in 2018 sold through auction include a 3½-storey semi-detached house at Pasir Ris Way sold at $5m.

”We foresee more repossessed properties to come into the market next year,” JLL head of auction and sales Mok Sze Sze said. “The increase could range between 5 to 10% year-on-year. More owners are also likely to continue to sell their properties through auctions as they learn more about the advantages of an auction sale.”