Industrial sector boosted number of auctioned properties.
The total number of properties put up for auction increased in the first quarter of the year, up 25% to 177 properties.
According to a report from Knight Frank, total sales value decreased 71.6% quarter-on-quarter to $13.43m, although this represented an increase of 39.6% from last year's $9.62m.
The report also revealed that a record-high number of properties were put up for auction under mortgagee sale at 83 units. This represents a 38.3% year-on-year increase. The residential sector led in the number of mortgagee listings, with 48 units up for grabs. The industrial sector, on the other hand, saw a significant increase to 16 units.
However, only two out of the 83 units put up for auction under mortgagee sale were transacted, bringing total sales value down 30.3% yoy to $4.1m.
Meanwhile, Knight Frank noted that the number of properties put up for auction under the industrial sector more than doubled qoq from 25 units in the previous quarter to 51 units in 1Q17. On a yoy basis, the increase was a whopping 131.8%. The office sector saw an increase of 75% qoq to put up 7 office units for auction, albeit a lack of movement from a year ago.
Meanwhile, there seemed to be a slowdown in the residential sector. Although it remained the major contributor of the number of properties put up for auction, with 85 units out of the 177 units, it registered a fall of 9.6% qoq. This is also the lowest number of residential properties put up for auction since Q3 2014.
Check out the top five transactions in the auction market below:
Do you know more about this story? Contact us anonymously through this link.