Chart of the Day: Auction sales soared over four folds to $17.9m

Thanks to these big-ticket deals.

According to Kight Frank, the total auction sales value jumped by more than four folds from $3.9 million in 4Q 2013 to $17.9 million in 1Q 2014. This is a strong breakthrough for the auction market as the total transaction value was at a low quarterly average of $5.4 million from 2Q 2013 to 4Q 2013.

1Q 2014 has shown to be an exceptional period where total sales value exceeded the $10 million mark with transactions of high-quantum properties, such as a 4-adjoining office units at Orchard Shopping Centre and an apartment unit at Draycott Park.

Big-ticket transactions and the availability of properties catering to end-users helped to boost the overall auction sales results. In the residential sector, apartment units at Wilkie Apartments and Draycott 8 were sold to owner occupiers. Similarly, the abovementioned office unit at Orchard Shopping Centre was purchased for own usage.