Desperate owners put more homes on the auction block in Q1

123 homes went under the hammer.

More homes were put up for auction in the first quarter of the year, as owners continue to struggle with the domestic property downcycle.

Data released today by Knight Frank showed that 123 residential properties were put on the auction block in Q1, an increase of 43% quarter-on-quarter.

“We are likely to see a higher number of properties being put up for auction in the second half of 2015, as owners may face difficulties to lease out their units or keep up with their mortgage loans. This situation is likely to be exacerbated by continually weak market sentiment and possible hikes in interest rates,” stated the report.

The number of properties successfully auctioned rose by a significant 57.1% quarter-on-quarter to 11 properties in the first three months of the year.

An overall success rate of 6.3% was achieved in this quarter, up from 5.4% in 4Q 2014.