Singapore property auction success rate hits record highs since 2011

The success rate was at 9.5%, equivalent to a total gross sales value of S$90.3m in 2022. 

According to a report by Knight Frank, auction listings decreased 19.5% q-o-q to 99 listings (including repeat listings and excluding properties sold outside of auction) in Q4 2022, rounding off the year with a total of 420 listings. 

Here’s more from Knight Frank:

Overall, auction listings declined by 31.9% y-o-y with mortgagee and owner sale listings dipping 52.3% y-o-y to 133 listings and 19.6% y-o-y to 250 listings respectively (Exhibit 1). 

Notwithstanding the drop in listings, the success rate was the highest since the data has been tracked from 2011 at 9.5%, translating to 40 properties knocked down and a total gross sales value of S$90.3 million in 2022. During the quarter, eight out of the nine properties sold exchanged hands at the first time of asking, setting an overall success rate of 9.1%, with transaction value increasing 6.3% q-o-q to S$20.1 million. 

Beyond mortgagee and owner sales, listings from other types of sales (including estate, receiver, and bank sales) spiked 88.9% q-o-q to 17 in Q4 2022, contributing to the increase in the residential, office and industrial sectors. Despite the slowing economy, three industrial units that were newly added into the listings, closed between 5.4% and 6.8% above the opening price at the first auction attempt.