{"id":107001,"date":"2019-05-10T15:25:13","date_gmt":"2019-05-10T08:25:13","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/success-rate-at-auction-remains-low-despite-surge-in-listings\/"},"modified":"2019-05-10T16:07:47","modified_gmt":"2019-05-10T09:07:47","slug":"success-rate-at-auction-remains-low-despite-surge-in-listings","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/success-rate-at-auction-remains-low-despite-surge-in-listings\/","title":{"rendered":"Success Rate At Auction Remains Low Despite Surge In Listings"},"content":{"rendered":"


\nMore properties are being listed at auctions, but success rates remain low \u2013 here\u2019s why.\u00a0
\nDespite the hike in the number of properties listed for auction in the first quarter of 2019, the probability of having the properties sold fell to dismal lows, reported Singapore Business Review.
\nKnight Frank data showed that the number of auction listings for Q1 more than doubled to 362 over the same period last year, while Colliers International said the number of auction listings rose 98.9 percent year-on-year to 370.
\nTricia Song, head of research for Singapore at Colliers International, however, revealed that these auctions posted a success rate of only 1.35 percent in Q1, down 45.4 percent year-on-year.
\nThe total value of properties sold at auction also fell 26.1 percent year-on-year to $11.57 million, she added.
\nMeanwhile,\u00a0Huttons marketing and communications head Hector Tan believes that the low take-up rate could be due to Singaporeans becoming more \u201cselective and savvy in the type of property they want to own\u201d.
\nHe noted that the demand for \u201cchoice, niche properties that offer a mix of lifestyle luxury and unique identity, will remain strong in the auction market\u201d.
\nSteven Tan, director for capital markets and investment services at Colliers International, also attributed the low sales to the perception that properties under auction are not an attractive buy.
\n\u201cGoing forward, we do not see a recovery in the success rate over the coming months, because the residential market will continue to stay flat or dip further.\u201d
\nNonetheless, auction listings are still expected to increase even as the demand-supply imbalance continues to place sellers at a disadvantage.
\nData from Knight Frank indicate that majority of auction listings are under mortgage sales which skyrocketed 112 percent year-on-year to 159 listings in Q1.
\nA mortgage sale occurs when property owners could no longer repay their loans, leading the bank to sell their properties in order that their debts may be repaid.
\n\u201cWe expect the (rise in mortgage sales) will likely continue in the coming months. There are many new development units in the market that remained unsold, and should prices continue to fall, it could depress the residential market further,\u201d said Colliers\u2019 Tan.
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email\u00a0fiona@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Success Rate At Auction Remains Low Despite Surge In Listings<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

More properties are being listed at auctions, but success rates remain low \u2013 here\u2019s why.\u00a0...<\/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-107001","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-rPP","jetpack-related-posts":[{"id":114842,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-listings-rose-34-to-a-new-high-in-2019\/","url_meta":{"origin":107001,"position":0},"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":121149,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-success-rate-to-exceed-5-this-year\/","url_meta":{"origin":107001,"position":1},"title":"Auction success rate to exceed 5% this year","date":"July 29, 2021","format":false,"excerpt":"\r Auction success rate to exceed 5% this yearThe auction success rate was at 6.5% in Q2 2021, with\u00a013 properties, with a gross value of $36.9 million, being sold. Knight Frank expects the auction success rate for this year to surpass 5%, amidst an increased inventory as well as an\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/07\/Property-Auction-crop.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":119952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-auction-market-posted-higher-success-rates-in-2020\/","url_meta":{"origin":107001,"position":2},"title":"Singapore auction market posted higher success rates in 2020","date":"January 26, 2021","format":false,"excerpt":"\r Despite a fall in auction listings from 1,387 in 2019 to 497 in 2020,\u00a0the auction market still posted higher success rates, increasing to 3.6% from 1.4% in the previous year. Singapore saw total auction listings, including repeat listings, for 2020 fell to 495 from 1,387 in 2019 as physical\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/01\/property-auction.jpg?fit=820%2C411&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":94933,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-auction-sales-fell-in-first-half-2018-colliers\/","url_meta":{"origin":107001,"position":3},"title":"Residential auction sales fell in first half 2018: Colliers","date":"July 27, 2018","format":false,"excerpt":"\r The number of properties put up for auction has increased, but sales have dropped. The total number of Singapore properties placed on the auction block, including re-listings, jumped 21.7 percent year-on-year to 454 or the highest since the second half of 2009, according to a Colliers International report. Of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":104759,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-sales-slumped-46-5-to-55-3m-in-2018\/","url_meta":{"origin":107001,"position":4},"title":"Auction sales slumped 46.5% to $55.3m in 2018","date":"March 7, 2019","format":false,"excerpt":"\r Despite 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. The 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\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":116147,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-success-rate-drops-despite-hike-in-mortgagee-sale-listings\/","url_meta":{"origin":107001,"position":5},"title":"Auction success rate drops despite hike in mortgagee sale listings","date":"May 8, 2020","format":false,"excerpt":"\r Singapore saw total auction listings decline 31.1% year-on-year to 235 in the first quarter of 2020, revealed an Edmund Tie report. However, mortgagee sales slightly increased by 2.6% year-on-year to 160 listings. And much like in 2019, the proportion of mortgagee sales significantly increased to 68% in Q1 2020\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/107001"}],"collection":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/comments?post=107001"}],"version-history":[{"count":0,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/posts\/107001\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/media?parent=107001"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/categories?post=107001"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.siamlandbank.com\/propertynews\/wp-json\/wp\/v2\/tags?post=107001"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}