Auction sales in Q2 down 33%

The decline from S$29.48m transacted in Q2 2017 is due to smaller-ticket sales, lack of high-quantum properties


THE auction market in the second quarter has seen a total sales value of S$19.64 million, according to an Edmund Tie & Company analysis released on Wednesday. This was a 33 per cent decrease from the S$29.48 million transacted in Q2 2017.

The company noted that the figures do not include private treaty sales and units transacted before or after the auction.

Edmund Tie & Company said Q2 2017's sales value was higher because that quarter saw the auctioning of several big-ticket items.

These include a bungalow at Chestnut Drive at S$11.38 million, a shophouse at Jalan Besar at S$5.23 million, and three other residential units above the S$3 million mark.

Another reason for the decrease in sales value from 2017 could have been the lack of high-quantum properties sold this year.

Head of auction and sales Joy Tan said: "We have transacted several high-end properties this quarter before the auctions via private treaty. Even so, the only auctioned unit with a higher sales value was a semi-detached unit at 25 Pasir Ris Way."

On a quarter-to-quarter basis, the sales figure in the second quarter was slightly lower than Q1's S$19.97 million. The number of units hammered down on a year-on-year basis stayed the same at 10 units compared to the year-ago figure.

There were five mortgagee sales and five owner/estate sales this quarter, but the former clocked about S$8.45 million, while the latter totalled S$11.19 million.

Comparatively, 2017 saw a total of 33 forced-sale units - which comprise situations such as under mortgagee's, receiver's, sheriff's sale - and 12 volunteered sale units, which are under owner's, estate's, trustee's sale.