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Thread: Cooling measures hit auction market

  1. #1
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    Default Cooling measures hit auction market

    http://www.straitstimes.com/archive/...arket-20130903

    Cooling measures hit auction market

    Published on Sep 03, 2013

    By Cheryl Ong


    TOUGH cooling measures introduced earlier this year for the residential property market are affecting the auction market, according to new figures.

    Overall, more properties were made available for auction in the first half of the year, but this was the result of a rising number of non-residential properties.

    In the six months to June 30, residential properties up for auction made up 38 per cent of the total of 224 properties, a report by research consultancy Knight Frank said yesterday.

    In the six months to Dec 31 last year, the number of properties up for auction was far lower at 140 - but the proportion of residential properties was 55 per cent.

    Knight Frank said the proportion of properties from the non-residential segment, such as industrial properties and shops, made available for auction had increased as residential sellers were reluctant to part with their existing properties, after the additional buyer's stamp duty (ABSD) was implemented in January.

    Under the ruling, the Government slapped a 5 per cent duty on permanent residents buying their first homes and 7 per cent on Singaporeans buying their second residential property. "Owners would have to incur ABSD for a replacement property should they sell their existing property, thus diverting both sellers and buyers' interests to other real estate asset classes," said Knight Frank.

    Only four residential properties were sold at auction, while nine from the non-residential segment were sold in the six months.

    This means that only 6.3 per cent of the properties made available for auction went under the hammer, a fall from a success rate of 7.1 per cent in the preceding six months, the consultancy noted.

    But it added that the total value of the properties sold at auction bucked the trend, jumping from $14.9 million previously to $91.1 million.

    "While the success rates for auctioned properties have been decreasing, the high total sale value of $91.1 million achieved in the first half of 2013 reflects buyers' general willingness to pay should the properties cater to their needs," it said.

    Knight Frank added that it expects tepid auction sales of residential properties to continue into the second half of the year, following the implementation of the total debt servicing ratio in June.

    Following the implementation of the framework, there were no sales at all on the auction market in July, the consultancy noted.

    "Generally, property owners are less willing to lower their asking prices due in part to higher transaction costs," it said. "These circumstances have led to a disparity in price expectations between the buyers and sellers, especially in the residential sector."

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  2. #2
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    only 1 winner
    In the final analysis.....its NOT whether you have a diploma,degree,masters OR PHD....its whether you have a HDB/PC/EC or LANDED...

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    Hi...where can I get the auction detail and information? Is it open to public and accessible by people like me? TIA.

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    Quote Originally Posted by yowetan View Post
    Hi...where can I get the auction detail and information? Is it open to public and accessible by people like me? TIA.
    Once you move into your Mt Sinai unit, you will know all these.

    DKSG

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    Quote Originally Posted by DKSG View Post
    Once you move into your Mt Sinai unit, you will know all these.

    DKSG
    I am aiming to get another one if possible, or replacing this current Mt Sinai with a Mt Sinai landed.

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    Quote Originally Posted by yowetan View Post
    I am aiming to get another one if possible, or replacing this current Mt Sinai with a Mt Sinai landed.
    wow yowetan you bought your unit already?

    which condo? how many sf and how much psf?

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