Auctioned property sales soared six-fold to $91m

Auction activities predicted to increase further.

According to Knight Frank, with a higher proportion of non-residential properties available in the auctions market, the number of properties put up for auction increased to pre-2012 levels.

Total sales value in 1H 2013 escalated six-fold to $91 million from 2H 2012. Sales enquiries and auction activities could increase in 2H2013 with higher interest from sellers to put properties up for auction.

Number of Properties put up for Auction Increased to pre-2012 levels: Total number of properties put up for auction picked up strongly from a record low of 140 properties in 2H 2012 (since 1H 2002) to 224properties in 1H 2013. On a year-on-year basis, the auctions market saw a 24 per cent increase from 1H 2012.

Amongst the properties put up for auction in 1H 2013, majority (92 per cent of properties) remained as owner sale.