The amount of auction listings at Singapore increased 10.5 percent quarter-on-quarter into 400 listings at the next quarter of 2019, revealed that a Knight Frank report. On an yearly basis, auction listings climbed 47.6 percent.
The report mentioned that the amount of auction listings beneath owner sale increased 15.8 percent quarter-on-quarter at Q2 2019. The increase was directed by the residential industry which introduced a 23.3 percent rise to 106 listings.
This includes as more residential home owners flip into auction”as an alternate mode of selling to reevaluate their earnings”.
The report revealed that the amount of non-landed and obtained residential listings by owners at Q2 2019 climbed by 15 percent and 28.9 percent quarter-on-quarter respectively.
Landed residential listings in District 19 (Serangoon Garden, Hougang, Punggol) climbed from the last quarter to 10 in Q2 2019.
Median costs of freehold landed possessions over the district grew nine per cent year-on-year to $1,247 psf at Q2 2019, stated Knight Frank.
The land consultancy noted that freehold non-landed homes inside the district inched up by 0.1 percent year-on-year to $1,818 psf at Q2 2019.
Meanwhile, the auction listings beneath mortgagee sale dropped 8.2 percent quarter-on-quarter into 146 listings in Q2 2019. The residential sector also accounted for the majority of these listings with 91.
“The confluence of diminished market, restructuring of businesses, the volatile financial markets and increasing interest rates resulted in the gain in mortgagee sales in Q2 2019,” explained Knight Frank.