Auctioned homes scared property buyers away in 4Q13

Success rate is zero.

According to Knight Frank, residential sector in the auction market remained muted as potential buyers largely adopted a wait-and-see approach, in anticipation of further price adjustments by sellers.

Amongst the 58 residential properties put up for auction in 4Q 2013, 69 per cent were non-landed properties, whilst the remaining 31 per cent comprised detached, semi-detached and terrace houses.

Here's more from Knight Frank:

Albeit the number of residential properties put up for auction remained relatively inert at 58 properties, the success rate of residential properties in 4Q 2013 was zero, which was unprecedented going as far back as 2004.

In 2013, residential properties sold via auctions followed the same trend as in the preceding year. The series of anti-speculative government measures on property will continue to dampen the demand for residential properties, and this could persist for first half of 2014 or even longer.

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