Only 4 out of 82 auction listings in Singapore were sold in Q2

The success rate was at 4.9%.

According to a Knight Frank report, Singapore auction listings rose 9.3% q-o-q to 82 (including repeat listings and excluding properties sold outside of auction) in Q2 2023 from the 75 in Q1 2023*. Despite the quarterly gain, the total auction listings dropped 30.5% y-o-y from the 118 recorded in Q2 2022. 

“Nevertheless, the total gross sales value amounted to S$4.8 million in Q2 2023, 16.0% higher than the S$4.1 million gross sales value in the previous quarter,” the report added. 

Here’s more from Knight Frank:

Beyond mortgagee and owner sales, listings from other type of sales (including estate, receiver, and bank sales) fell 50.0% q-o-q to three in Q2 2023 from the six in the previous quarter*, and a 50.0% y-o-y drop from the six listings in Q2 2022.

Residential properties made up 45.1% (37) of the total in Q2, with 12 mortgagee listings, 24 owner listings and one listing from estate sales. The sole residential estate sale listing was a two-storey freehold semi-detached house located along Happy Avenue Central. This landed home was listed for auction on six different occasions, with the last attempt in April 2023 at an opening price of S$7.5 million. This was down from the opening price of S$7.8 million in February 2023, and lower than the highest opening price of S$9.88 million when the property was first listed for auction in August 2022. 

The success rate in Q2 2023 was 4.9%, with four properties knocked down, a decrease from the six properties sold in Q1, which accounted for a success rate of 8.0% then.

* Revisions were made to the earlier count of listings in Q1 2023