Crowded auctions sizzle in Singapore’s cold property market

Mortgagee listings commanded better prices in Q3.

Property auctions across Singapore enjoyed robust attendance in the third quarter, with more buyers on the lookout for quality properties at relatively cheaper prices.

A report from JLL highlighted that seven residential properties were sold at auctions in the past three months, forming 70% of all successful transactions.

All of the residential properties were mortgagee listings. This is a similar number to the five residential properties sold in 2Q15, over 80 per cent of which were mortgagee listings. 

The auctioned homes also commanded better prices this quarter. Residential sales reached $13.62 million in 3Q15, a whopping 99 per cent increase from $6.83 million in the previous quarter.

“Overall, the attendance at auctions has been encouraging, with most experiencing a full house. All of the 10 sales that JLL has seen in the last quarter have been successfully sold at first appearance, which is indeed a positive result,” said Mok Sze Sze, Head of Auction and Sales at JLL.

Notably, all of the 10 properties sold so far this quarter--including commercial properties--are new listings, successfully hammered on their first appearance. 

This was the case with only half of the properties sold in the previous quarter, with many sold only after multiple relisting.