{"id":102457,"date":"2018-12-21T11:21:02","date_gmt":"2018-12-21T04:21:02","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-hit-7-year-low\/"},"modified":"2018-12-21T12:11:03","modified_gmt":"2018-12-21T05:11:03","slug":"property-auction-sales-hit-7-year-low","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-hit-7-year-low\/","title":{"rendered":"Property auction sales hit 7-year low"},"content":{"rendered":"


\nThe total sales value at auctions nearly halved year-on-year from $101.5 to $54.12 million.
\nThe overall value of properties that were successfully sold via auction nearly halved from $101.5 million in 2017, ending the year at $54.12 million, the lowest since 2012, according to a new report from JLL.
\n\u201cThe looming trade war and introduction of new cooling measures have caused buyers to stay on the sidelines, especially in the second half of this year. This has impacted the residential property market significantly more than other sectors,\u201d said JLL\u2019s head of auction and sales, Mok Sze Sze.
\n\u201cWe foresee more repossessed properties to come into the market next year. The increase could range between 5.0 to 10 percent year-on-year.\u201d
\nSource: JLL Research
\nAs for the number, a total of 34 properties were auctioned off in 2018 compared to 44 during the previous year.
\nResidential properties accounted for 83.6 percent or $45.27 million of successful auction sales. The biggest transaction was the $5 million sale of a 3\u00bd-storey semi-detached home at 25 Pasir Ris Way in May. A duplex penthouse at The Berth By The Cove in 214A Ocean Drive and a 3\u00bd-storey strata-titled semi-detached home in Eleven @ Holland along 11 Holland Link were also transacted for $3.25 million each in February and September respectively.
\nAs for mortgagee sales involving private houses, the amount reached $24.93 million, the lowest since 2014. The units were sold at prices ranging from $510,000 to $5 million.
\nMore: 7 Questions About Property Auctions
\nMeanwhile, data from Knight Frank revealed that the overall value of homes sold via auction fell 41.7 percent on an annual basis to $46.4 million in 2018.
\n\u201cThe average price quantum of residential properties also declined, as buyers became more price sensitive and cautious post the July cooling measures,\u201d noted the property consultancy.
\n\u201cWe expect to see more owner sale listings, as owners are exploring auctions as an alternative mode to private treaties. Separately, there will be more mortgagee sales in 2019, as buyers become more discerning and cautious,\u201d added Sharon Lee, senior director and head of auction at Knight Frank Singapore.
\nWhat are property auctions? For more information, read our\u00a0buying guide.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Property auction sales hit 7-year low<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The total sales value at auctions nearly halved year-on-year from $101.5 to $54.12 million. 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(Photo: JLL) Property auction sales for the fourth quarter of 2016 exceeded expectations, with total sales at $47.2 million, or 51 percent of this year\u2019s tally, said property consultancy JLL. The figure is more than three times\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":32386,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-surge-in-q4\/","url_meta":{"origin":102457,"position":1},"title":"Property auction sales surge in Q4","date":"October 31, 2016","format":false,"excerpt":"\r View of the vacant land plots within Swiss Club Estate, which were sold through an auction for $15.22 million. 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