Chart of the Day: Residential listings under mortgagee sales rocketed 97.8% in Q2

Volatile markets and steep interest rates pushed up quarterly listings.

This chart from Knight Frank shows that residential auction listings under mortgagee sales skyrocketed 97.8% YoY and 9.6% QoQ in Q2 to 91 listings as heightened market uncertainty weighed on the ability of individuals to fulfil their financial obligations.

Knight Frank cited sector restructuring, volatile financial markets and rising interest rates as reasons behind the rising numbers.

Also read: Auction listings skyrocketed 103.4% in Q1

There were more non-landed residential listings from District 1 (Raffles Place, Cecil, Marina, People’s Park) and District 15 (Katong, Joo Chiat, Amber Road) listed under mortgagee sale in Q2 2019 compared to Q1 2019.

The residential listings located in District 1 came from projects located in the prime Central Business. Five leasehold listings from District 1 have an average asking price of $1,799 psf. Median price in the district rose 0.2% YoY to $1,926 psf in the quarter.

Meanwhile, the number of non-landed residential listings under mortgagee sales from District 15 climbed from 2 in the previous quarter to 10 in Q2. Freehold penthouses from projects such as 38 iSuites, Tivoli Gardens and, Siglap V formed 7 out of 10 total listings in the district. On average, they commanded an average asking price of S$1,069 psf whilst its median price fell 2.9% YoY to $1,284.

Overall, the number of auction listings under mortgagee sales declined 8.2% to 146 listings, dragged down by fewer commercial and industrial listings in the same period. Residential listings accounted for 62.3% of the quarterly figure.

Also read: Auction listings jumped 47.6% to 400 in Q2