Property auction market up 20% in H1

The Singapore property auction market rose 20 per cent on-year in the first half of this year to S$87 million, according to property consultants Colliers International.

A total of 440 properties were put up for auction, of which 378 properties were from property owners while only 62 were mortgagee sales.

Colliers said the sharp fall in the number of properties put up for mortgage sale is a reflection of the vastly-improved financial position of mortgagors.

April saw the highest value from auctions when 12 properties changed hands at a total value of more than S$24.4 million.

The lull period was in May, when only two properties were sold for S$6.89 million. This could be due to concerns over European debts, as well as the tension between North and South Korea which sent jitters through the stock market, said Colliers.

It added that buying interest at auctions will also remain keen as liquidity in the market is high and more investors are looking to real estate to hedge against inflation.

The sale of seven landed properties contributed 23.1 per cent or S$20.08 million to auction transactions during the six-month period.

Four out of the seven landed properties are located in the Bukit Timah vicinity.

Other types of properties sold in auctions are retail properties, which contributed S$20.07 million or 23.1 per cent to total sales; as well as high-end apartments which contributed S$13.38 million or 15.4 per cent.

Source : Channel NewsAsia – 30 Jun 2010

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