{"id":122692,"date":"2021-10-20T02:52:08","date_gmt":"2021-10-19T19:52:08","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-success-rate-drops-to-4-7-in-q3\/"},"modified":"2021-10-20T11:11:06","modified_gmt":"2021-10-20T04:11:06","slug":"auction-success-rate-drops-to-4-7-in-q3","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-success-rate-drops-to-4-7-in-q3\/","title":{"rendered":"Auction success rate drops to 4.7% in Q3"},"content":{"rendered":"


\nA 26.5% decline in the number of overall auction listings overall was also reported, with\u00a0150 listings in Q3 2021, down from 204 listings in Q2 2021.
\nSingapore\u2019s property auction market saw success rate drop 4.7% in the third quarter of 2021, from 6.4% in the preceding quarter, according to Knight Frank.
\nA total of seven properties were transacted for $20.3 million in Q3 2021, down from the previous quarter\u2019s 13 properties.
\nThe drop in success rate comes as the number of auction listings overall also declined 26.5% to 150 listings in Q3 2021, from 204 in Q2 2021.
\n\u201cConstant changes in COVID-19 restrictions and persistently high community infections led to declines in auction listings in Q3 2021, more so than in the first half of the year when listing volumes hovered around 200 quarterly,\u201d said Knight Frank.
\nNotably, listing volume stood at 65 in July before dropping to 43 in August and 42 in September.
\nThe property consultancy revealed that owner sale listings made up 66.7% of the total listings in Q3 2021, more than double the proportion for mortgagee listings at 28%.
\nThis comes as certain banks were \u201cwilling to grant owners some time to dispose of their property before initiating foreclosure proceedings, given the buoyant real estate market\u201d.
\nIn Q3 2021, mortgagee listings declined by more than 50% to 42 from 87 in Q2 2021. Of these, residential properties accounted for 50% at 21 \u2013 almost all of which were non-landed properties.
\n\u201cThere were hardly any bank sales for landed homes as more owners marketed their own properties before resorting to foreclosure,\u201d said Knight Frank.
\nThere were also 13 industrial mortgagee listings and 27 retail mortgagee listings.
\nMeanwhile, owner sale listings stood at 100 during the quarter under review, down from 104 in the previous quarter.
\n\u201cThe decrease in owner sale listings was marginal at 3.8% quarter-on-quarter when compared to the 26.5% quarter-on-quarter drop in overall listings.\u201d
\nKnight Frank attributed this to more owners engaging auctioneers \u201cto leverage their network, using their expertise to connect with a larger pool of potential buyers\u201d.
\nLooking ahead, Knight Frank expects the number of auction listings for the next two months to be tepid.
\n\u201cHowever, once the healthcare eco-system has adjusted to the new normal and barring any other unforeseen developments in the COVID-19 situation, the level of auction activity is expected to pick up towards the end of the year or in early 2022,\u201d it added.
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Auction success rate drops to 4.7% in Q3<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A 26.5% decline in the number of overall auction listings overall was also reported, with\u00a0150...<\/p>\n","protected":false},"author":1,"featured_media":122693,"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-122692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/10\/property-auction.jpg?fit=820%2C411&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-vUU","jetpack-related-posts":[{"id":71621,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-sales-via-auction-soar-to-record-high\/","url_meta":{"origin":122692,"position":0},"title":"Home sales via auction soar to record high","date":"November 13, 2017","format":false,"excerpt":"\r Auction sales of residential properties in Singapore hit a one-year record high of $31.9 million in Q3 2017, according to a new report from Knight Frank. By value, this respectively translates to a 40.3 percent and 166.8 percent surge from the prior quarter and same period a year ago.\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":112109,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/residential-listings-under-mortgagee-sale-grow-by-14-4-in-q3-2019\/","url_meta":{"origin":122692,"position":1},"title":"Residential listings under mortgagee sale grow by 14.4% in Q3 2019","date":"November 1, 2019","format":false,"excerpt":"\r The growth in residential listings under mortgagee sale was due to added pressures on owners that were overly exposed in the middle of increased volatility in the financial markets.\u00a0 The number of residential listings under mortgagee sale grew in Q3 2019 by 14.4% quarter-on-quarter (QoQ) to 103 listings, making\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":122692,"position":2},"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":131286,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-rents-rise-at-a-faster-pace-in-q3-hdb-resale-price-growth-moderates-in-q3-and-more\/","url_meta":{"origin":122692,"position":3},"title":"Private home prices, rents rise at a faster pace in Q3, HDB resale price growth moderates in Q3 and more","date":"October 31, 2022","format":false,"excerpt":"\r Private home prices, rents rise at a faster pace in Q3, HDB resale price growth moderates in Q3 and more25th\u00a0October\u00a0to 31st\u00a0October 2022 Private home prices in Singapore increased by 3.8% in the third quarter of 2022, up from the 3.5% hike registered in the previous quarter. Meanwhile, prices of\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/private-homes.jpg?fit=820%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":109651,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/auction-listings-by-owners-up-in-q2-2019\/","url_meta":{"origin":122692,"position":4},"title":"Auction Listings By Owners Up In Q2 2019","date":"August 5, 2019","format":false,"excerpt":"\r The number of auction listings in Singapore increased 10.5 percent quarter-on-quarter to 400 listings in the second quarter of 2019, revealed a Knight Frank report. On an annual basis, auction listings rose 47.6 percent. The report noted that the number of auction listings under owner sale rose 15.8 percent\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":122692,"position":5},"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. 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