Singapore’s auction property market appears to be on the upswing with the total sales quantum in 2017 hitting S$103.35 million ($76.72 million), the highest since 2011.
In 2017, the total number of properties, which includes residential, commercial, retail and industrial, successfully sold in auctions rose slightly to 45 from 41 in the previous year.
Similarly, the total value of successful auction sales increased 9.44% to S$103.35 million this year from S$94.43 million, according to data released by real estate and investment management firm JLL on Tuesday (Dec 19).
Interestingly, residential properties made up the bulk of deals or 77.2% of total sales, with the most expensive home sold being a Good Class Bungalow in the Upper Bukit Timah area which went under the hammer at S$11.38 million.
There was also a five-storey commercial building at South Bridge Road which sold at S$6.68 million in November.
JLL noted that a trend over the years of a sustained proportion of mortgagee properties reflected in sales listings with a 9.1% increase in such sales recorded on a year-on-year basis.
The year also saw the sales quantum for private residential mortgagee properties total S$51.18 million – the highest recorded in over a decade – with buyers largely keen on snagging landed properties with freehold tenure (see below).