Owner sales surge in Q3 property auction market: Knight Frank

by Albert02

Owner sales surge in Q3 property auction market: Knight Frank

Owner sales surge in Q3 property auction market: Knight Frank. According to Knight Frank’s market update on October 26, more property owners are selling their properties at auction.

In Q3 2022, owner sale listings nearly quadrupled to 91, up 46.3% from the previous quarter’s 62. This represents a 7.1% increase over the 85 listings in the same time period last year. It also accounted for more than two-thirds of the 131 sale posts this quarter. Owner sale listings increased in almost all property segments, with residential listings increasing from 22 to 30 in the third quarter and industrial listings increasing from 13 to 20. This quarter, retail and shophouse listings increased from 19 to 31 and one to six, respectively.

On Pasir Ris Avenue, a 99-year leasehold two-storey detached property sold for S$3.6 million, or around 20.8 percent more than its opening price of roughly S$3 million. A B1 ramp-up factory at Ark @ Gambas was also sold for S$785,000, representing a 20.8% increase over the asking price of S650,000.

There was also a major liquidator sale of undeveloped land along Balestier Road, which had been planned for mixed commercial and residential construction. The land parcel sold for S$1.1 million, which was 200% higher than the starting price of S$380,000. The land parcel, which is adjacent to the freehold condominium Gifford Mansion, garnered “heated bids” from investors intending to integrate both holdings, according to Knight Frank.

“In the post-pandemic context, private property owners are becoming increasingly conscious of the practical benefits of an auction with its public reach,” the real estate consultancy added. “Not only is unexpected interest likely to result in higher bids at an auction, but successful transactions between private owners outside of the auction are also usual once these properties have been made public as a result of the process.” In the meantime, mortgage sale listings fell 44% year on year to 28. Six mortgagee homes were auctioned off in the third quarter of 2022.

Click the image to read the full details of report or at this link:
https://www.businesstimes.com.sg/real-estate/owner-sales-surge-in-q3-property-auction-market-knight-frank


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