{"id":116147,"date":"2020-05-08T10:53:05","date_gmt":"2020-05-08T03:53:05","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-success-rate-drops-despite-hike-in-mortgagee-sale-listings\/"},"modified":"2020-05-08T11:03:04","modified_gmt":"2020-05-08T04:03:04","slug":"auction-success-rate-drops-despite-hike-in-mortgagee-sale-listings","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-success-rate-drops-despite-hike-in-mortgagee-sale-listings\/","title":{"rendered":"Auction success rate drops despite hike in mortgagee sale listings"},"content":{"rendered":"


\nSingapore saw total auction listings decline 31.1% year-on-year to 235 in the first quarter of 2020, revealed an Edmund Tie report.
\nHowever, mortgagee sales slightly increased by 2.6% year-on-year to 160 listings.
\nAnd much like in 2019, the proportion of mortgagee sales significantly increased to 68% in Q1 2020 from 46% in Q1 2019.
\nResidential properties accounted for 51% of mortgagee listings in Q1 2020, industrial properties 31% and retail properties 15%. Office properties only made up 1% of mortgagee listings.
\n\u201cThe higher proportion of mortgagee sale listings came amid an already gloomy economic outlook made worse by the onset of the COVID-19 pandemic, which resulted in owners defaulting on mortgage payments,\u201d said the report.
\nDespite the increase in listings, the auction success rate declined to 1.6% in 2019 from 3.8% in 2018, reflecting a more cautious sentiment in the buyers\u2019 market.
\nGiven the financial burden brought by the Covid-19 pandemic on individuals, the Monetary Authority of Singapore (MAS) extended a helping hand to beleaguered homeowners.
\nOn 31 March, MAS announced a deferment on principal payment or both interest and principal payments for cash-strapped residential property owners with housing loans up to 31 December 2020.
\nMost financial institutions also offered payment deferments to individuals with industrial and commercial property loans.
\nThese borrowers were not also subjected to the Total Debt Servicing Ratio (TDSR).
\nMoreover, the COVID-19 (Temporary Measures) Act 2020, which took effect on 8 April, was enacted to ensure that landlords fully pass on property tax rebates to their tenants.
\nWhile these government measures are expected to ease some financial pressure off businesses and individuals, tempering a possible spike in mortgagee sale listings, Edmund Tie still expects mortgagee sales listings to increase once the measures are removed.
\nFor the rest of 2020 and even into early 2021, Joy Tan, Head of Auction and Sales at Edmund Tie, expects mortgagee sale outlook to follow a tick-shaped recovery, popularly known as the Nike swoosh.
\n\u201cThe drop is expected to be rather gentle, given the three packages implemented by the government. As a result, homeowners would not be anxious to liquidate their assets at a lower price as the packages will tide most of them over this crisis,\u201d she said.
\n\u201cThis \u2018Nike Swoosh\u2019 scenario also allows for limits set by the government to be eased gradually. Furthermore, prospects will remain cautious with taking long-term loans and would choose to adopt a wait-and-see approach. Hence, the upturn in mortgagee sales will follow a slightly gentler curve stretching into early 2021 before reaching pre-coronavirus levels.\u201d
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Auction success rate drops despite hike in mortgagee sale listings<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore saw total auction listings decline 31.1% year-on-year to 235 in the first quarter of...<\/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-116147","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-udl","jetpack-related-posts":[{"id":121149,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-success-rate-to-exceed-5-this-year\/","url_meta":{"origin":116147,"position":0},"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":106167,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-prime-residential-properties-going-up-for-auction\/","url_meta":{"origin":116147,"position":1},"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. The number of residential properties from prime districts 9, 10 and 11 that were listed under mortgagee sale rose 53.8 percent quarter-on-quarter, or 233.3 percent year-on-year\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":119952,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-auction-market-posted-higher-success-rates-in-2020\/","url_meta":{"origin":116147,"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":21805,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/more-homes-on-auction-in-q2-report\/","url_meta":{"origin":116147,"position":3},"title":"More homes on auction in Q2: report","date":"August 3, 2016","format":false,"excerpt":"\r The number of landed properties put up for mortgagee sale rose by 142 percent from last year. The number of residential properties put up for auction increased by 21.2 percent quarter-on-quarter to 103 units in Q2 2016, according to a Knight Frank report. While the sector accounted for the\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":114842,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-listings-rose-34-to-a-new-high-in-2019\/","url_meta":{"origin":116147,"position":4},"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":105733,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/condo-listings-under-mortgagee-sale-up-in-q1\/","url_meta":{"origin":116147,"position":5},"title":"Condo listings under mortgagee sale up in Q1","date":"April 3, 2019","format":false,"excerpt":"\r Residential listings under mortgagee sale continue to make up the bulk of total mortgagee listings. Private condominium listings under mortgagee sale have been on the uptrend as mortgage payments have been rising on the back of increasing interest rates. 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