Retail and shophouse listings contributed largely to the overall growth in listings in the quarter, with retail listings increasing 45.8% q-o-q to 35 and shophouse listings soared by 600.0% q-o-q to seven, the report says.
SINGAPORE (EDGEPROP) - Auction listings were up by 11.0% q-o-q to 131 listings (including repeat listings) in 3Q2022, according to Knight Frank’s quarterly auction report. Meanwhile, mortgagee sale listings declined by 44.0% q-o-q to 28, and owner sale listings jumped by 46.8% q-o-q and 7.1% y-o-y in 3Q2022 to 91.
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“Retail and shophouse listings contributed largely to the overall growth in listings in the quarter, with retail listings increasing 45.8% q-o-q to 35 and shophouse listings soared by 600.0% q-o-q to seven,” the report states.
A total of nine properties totalling $18.9 million were sold in the quarter, translating to a success rate of 6.9%.
Of the 28 mortgagee sale listings, six were sold during auction in 3Q2022, three of which were freehold shops. Two of these shops were sold at 5.8% and 12.7% above the opening prices respectively.
There was a decline in mortgagee listings across all segments, with the office sector falling the most, from seven to two.
Given the limited landed housing inventory, two newly listed landed terraced homes in the suburban region were sold at a gain of 3.3% to 6.7% above the opening price.
Listings were up across most segments for owner sale listings, with residential up from 22 to 30 in the quarter, according to Sharon Lee, head of auction & sales at Knight Frank.
Unexpected interest at an auction translates to higher bids, and successful sales among private owners outside the auction are also common once these properties have been made public, she adds.
A 99-year leasehold two-storey detached house along Pasir Ris Avenue was auctioned at $3.60 million, 20.8% higher than the opening price of $2.98 million.
The liquidator sale of mixed commercial and residential land along Balestier Road saw much interest among bidders. Auctioned by Knight Frank Singapore, it was sold at $1.14 million, 200% above the opening price of $380,000.
“Despite the current climate of uncertainty, mortgagee sale listings have fallen and prices across most segments continue to rise,” says Lee.
The declining sigma of auctions also saw contemporary real estate owners leveraging auctions to gain attention for their properties.
Lee projects the success rate may surpass the original 5% projected at the start of the year.
Check out the latest listings near Pasir Ris, Balestier Road