Quarter 2 in 2016 Auction More homes

The variety of residential properties put up for auction rose by 21.2 percent quarter-on-quarter to 103 units in Q2 2016, according to a Knight Frank report.

While the sector accounted for the majority of auction listings in the second quarter (185 units), Knight Frank noted a deficiency of trades in the prime residential section.

The truth is, the amount of residential properties put up for auction in districts 1, 9, 10 and 11 amounted to only 21 units, the lowest since Q2 2014.

Of these, seven units were put up for auction under mortgagee sale.

“Yet, this is an advancement from the 15.6 percent seen in Q2 2015 (five out of 32 units),” said Knight Frank.

Meanwhile, the variety of landed properties put up for mortgagee sale as a percentage of all landed properties put up for auction reached a record high of 50 percent (17 out of 34 units).

Notably, the absolute variety of landed properties put under the hammer increased by 6.2 percent quarter-on-quarter, but fell by 19 percent year-on-year.

Nevertheless, Knight Frank noted that just one of the 17 landed properties put up for auction under mortgagee sale was found within the prime districts (5.9 percent).

Knight Frank disclosed the variety of non-prime landed properties was the greatest in Q2 2016 at 16 units.

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