Fewer sales in Singapore property auction market

There have been fewer sales in the Singapore property auction market.

A total of 19 properties went under the hammer this year compared to 24 transactions in 2012.

However, the total sales value chalked up this year was higher at about S$92 million compared to S$62.4 million last year.

Overall, there were 488 properties that were put up for sale by all auction houses in 2013.

Those figures are from the latest auction market report by property consultancy Colliers International.

Colliers attributed the higher total sale value this year to the sale of four high-value properties valued at S$70.1 million.

Among the high-value sales include a good class bungalow which came under the hammer for S$22.9 million.

The report said buying sentiment was dampened by the stock market sell-down in the middle of the year.

It has been further exacerbated by the series of property cooling measures introduced by the government such as the Additional Buyer’s Stamp Duty and the Total Debt Servicing Ratio.

Looking ahead, Colliers said it expects mortgage sales to remain low.

It adds that banks, in an effort to manage their non-performing loans, are most likely to encourage mortgagors who default on their monthly payments to sell their properties in the open market, instead of re-possessing them.

Source : Channel NewsAsia – 17 Dec 2013

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