Auctioned properties now at 6-year high

According to Business Times over the weekend, it was reported that there are more properties put up at auctions but much less were sold. Though there were 796 properties put on auction according to Colliers, only 33 were sold. This success rate of 4.1% is less than an average of 6% over the past 5 years. There is still a big price gap between sellers and buyers resulting in stalemates in most of the auction sales. Most of the properties that are suffering from the lull belongs to the high end private residences and high-quantum priced homes (such as landed homes above 3000sqft and condos of more than 1500 sqft).

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