Auction success rate could surpass 5% for 2021: KF
There was a total of 200 auction listings in the second quarter, 40 of which were residential properties.
Auction success rates for 2021 would surpass 5%, on the back of an increased inventory and optimistic gross domestic product growth, according to a report from Knight Frank.
There was a total of 200 listings, including repeat listings and excluding properties sold outside of the action, in the second quarter amidst the heightened alert restrictions. Owner sales accounted for half of the total listings, whilst mortgage sales made up 43.5%.
Success rate continues to trend upward, reaching 6.5% in the second quarter from the 3.5% the quarter previous. Thirteen properties sold for a total gross value of $36.9m.
Of the thirteen listings that sold, eight were mortgage sales and five were sheriff and estate sales.
Forty of the mortgage sales listings were for residential properties, 31 condominiums and nine landed homes.
Industrial mortgage listings declined to 18 following a record high of 56 listings in the first quarter.
Owner sale listings increased by 24 to 100 listings in the second quarter, as more owners used auctions in an attempt to divest their properties amidst high price expectations, particularly in the non-landed residential sector.
According to Knight Frank, there is a moderate increase in auction listings in the second half of the year based on the first half’s success.