_Auction Market Update Q4 2023

More auction listings expected in 2024

January 30, 2024

During the year, 24 properties were knocked down, totalling S$34.8 million in gross sales value, translating to a success rate of 6.7%. This is substantially fewer than the 40 in the previous year when the combined gross sales value amounted to S$90.3 million, and a success rate of 9.5%. Nevertheless, the success rate of 6.7% in 2023 is historically typical for the auction market, considering the pre-pandemic range of 1% to 6% success rates recorded from 2015 to 2019.

For the whole of 2023, residential properties made up 64.2% (68) of the total mortgagee listings, with about 86.8% (59) comprising non-landed properties. Most of the non-landed listings sold were 1 to 2-bedrooms apartments located in the fringe and suburban regions, suggesting that private homes in these areas continued to offer a more palatable entry price.

Owner sale listings decreased 5.7% q-o-q and 8.3% y-o-y to 66 listings in Q4 2023. In the quarter, residential listings rose 4.0% to 26 while listings in retail, office and industrial sectors all declined to 15, nine and 15 respectively. There was also one shophouse listing during the quarter. A 3-bedroom and study condominium at Tree House, located along Chestnut Avenue was the sole owner listing that was knocked down in Q4 2023, at its opening price of S$1.85 million.

Out of the 24 properties sold at auction in 2023, 21 comprised mortgagee sales, a success rate of 19.8% from the 106 mortgagee listings. In the same year, there were only two successful owner sales, a return of barely 0.8% from the 239 owner listings

Read the full report here.