Homeowners who found it difficult to dispose of properties following July's cooling measures turned to auction listings.
This chart from Knight Frank shows that the number of auction listings more than doubled (103.4% YoY) to 362 compared to a year ago, attributed to the weaker residential market and rising interest rates.
The number of listings under mortgagee sales also rose 28.2% QoQ or 112% YoY, to 159 listings, as the price gap between buyers and sellers widened. Residential listings continued to form the largest share of the total mortgagee listings in Q1, accounting for nearly 52.2% (83 listings).
The five properties sold under the hammer in Q1 2019 translated to a total gross sales value of $11.6m. Whilst the number of properties successfully auctioned remained the same on a quarterly basis, the gross sales value increased 120.8% QoQ after the successful auction of a unit at Grange Residence for $7.2m.
The success rate, derived as a percentage of total listings put up for sale, remained low at 1.4% in Q1 compared to the 6.2% achieved a year ago.
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