{"id":104759,"date":"2019-03-07T11:07:56","date_gmt":"2019-03-07T04:07:56","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-sales-slumped-46-5-to-55-3m-in-2018\/"},"modified":"2019-03-07T12:05:35","modified_gmt":"2019-03-07T05:05:35","slug":"auction-sales-slumped-46-5-to-55-3m-in-2018","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-sales-slumped-46-5-to-55-3m-in-2018\/","title":{"rendered":"Auction sales slumped 46.5% to $55.3m in 2018"},"content":{"rendered":"


\nDespite this, buyers are more discerning and cautious after the cooling measures, and they will likely seek auctions for good buys in the market, said an analyst.
\nThe overall value of properties successfully auctioned off in Singapore sharply declined by 46.5 percent year-on-year to $55.3 million in 2018, according to a new report from Knight Frank.
\nAt the same time, the number of properties sold under the hammer dropped by 25.5 percent year-on-year to 35, of which 26 are residential properties. The overall sales translate to a success rate of 3.1 percent, half the 6.2 percent recorded in 2017.
\nMore:\u00a07 Questions About Property Auctions
\n\u201cBuyers are more discerning and cautious after the cooling measures and we expect this to continue in 2019. Hence, more buyers will likely seek auctions for good buys in the market,\u201d said Sharon Lee, senior director and head of auction at Knight Frank.
\nThe lower sales occurred even though the number of auction listings (excluding properties sold before and after auctions) jumped 47.4 percent to 1,120 on an annual basis.
\nIn particular, the number of auction listings placed by mortgagees (lenders or banks) increased by 17.4 percent year-on-year to 391, of which 219 comprise residential properties.
\nHomes placed on the auction block by mortgagees edged up by 5.8 percent year-on-year due to higher interest rates arising from the US Federal Reserve\u2019s rate hike. This resulted in the 3-month SIBOR increasing from 1.457 percent in Q4 2017 to 1.886 percent in the last quarter of 2018.
\n\u201cThe subdued rental market also contributed to higher number of listings under mortgagee sale. While the pickup of the secondary market between Q4 2017 and Q2 2018 helped push down the number of mortgagee listings under auction, the number of listings recovered after the cooling measures.\u201d
\nKnight Frank noted that 26.9 percent of the properties put up for auction by banks are located in Districts 14 (Geylang, Eunos), 15 (Katong, Joo Chiat, Amber Road) and 16 (Bedok, Upper East Coast, Eastwood, Kew Drive). These comprised 23 landed homes and 35 non-landed properties.
\n\u201cLanded homes priced above $3.0 million continued to take up a larger proportion of landed homes listed under mortgagee sale in 2018. There were 78 total listings from landed homes under mortgagee sale, out of which 62.8 percent had an opening price above $3.0 million,\u201d noted the property consultancy.
\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…Auction sales slumped 46.5% to .3m in 2018<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite this, buyers are more discerning and cautious after the cooling measures, and they will...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-104759","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-rfF","jetpack-related-posts":[{"id":102457,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-hit-7-year-low\/","url_meta":{"origin":104759,"position":0},"title":"Property auction sales hit 7-year low","date":"December 21, 2018","format":false,"excerpt":"\r The total sales value at auctions nearly halved year-on-year from $101.5 to $54.12 million. The 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.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2018\/12\/Total-sales-value-during-auction.jpg?fit=400%2C221&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":114842,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-listings-rose-34-to-a-new-high-in-2019\/","url_meta":{"origin":104759,"position":1},"title":"Auction listings rose 34% to a new high in 2019","date":"March 11, 2020","format":false,"excerpt":"\r Total mortgagee listings soared 59.1% year-on-year to 751, while owner listings increased 14.8% year-on-year to 707. Singapore saw total auction listings jump 34% year-on-year to a new high of 1,458 listings in 2019 as both owner listings and mortgagee listings registered strong increases, revealed Colliers International. Total mortgagee listings\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38189,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-auction-sales-up-significantly-in-q4\/","url_meta":{"origin":104759,"position":2},"title":"Property auction sales up significantly in Q4","date":"December 15, 2016","format":false,"excerpt":"\r Q4 auction sales accounted for over half of total sales in 2016. (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":115814,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-buyers-to-remain-cautious-in-the-short-term\/","url_meta":{"origin":104759,"position":3},"title":"Home buyers to remain cautious in the short term","date":"April 23, 2020","format":false,"excerpt":"\r Singapore\u2019s residential property market has been muted in the first quarter of 2020, with private home prices declining 1.2% quarter-on-quarter \u2013 or its first quarterly drop since the first quarter of 2019. This comes even as banks revised their home-loan offerings to attract borrowers, according to Edmund Tie. With\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112740,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/mas-cautions-property-buyers-as-number-of-new-launches-racks-up\/","url_meta":{"origin":104759,"position":4},"title":"MAS cautions property buyers as number of new launches racks up","date":"November 29, 2019","format":false,"excerpt":"\r \u00a0 Prospective home buyers should take extra precaution before\u00a0taking a home loan to finance their property purchase, given the economy\u2019s uncertainty and softening labour market, the Monetary Authority of Singapore (MAS) advised in its annual Financial Stability Review that was released 28 November. In the review, the MAS\u00a0made reference\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2019\/11\/condo-sales-q3-2019.png?fit=1150%2C1200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":106167,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-prime-residential-properties-going-up-for-auction\/","url_meta":{"origin":104759,"position":5},"title":"More prime residential properties going up for auction","date":"April 17, 2019","format":false,"excerpt":"\r The hike in mortgagee listings for residential properties was attributed to higher interest rates, last year\u2019s cooling measures and the subdued rental market. 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