Auction sales values plunged 39% to $4.6m

Due to fewer 'big ticket' deals.

According to Knight Frank, total auction sales values dipped by 39% from $7.6m in 2Q 2013 to $4.6m in 3Q 2013. Since 3Q 2012, the total value has been below the $10m mark. 1Q was an exceptional period where total sales value hit $83.4m with successful transactions of 'big ticket' properties, such as Good Class Bungalow (GCB) at the Chee Hoon Avenue, Shophouses at Tras Street, and an industrial property at Benoi Road.

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Amongst the total auction sales value in 3Q 2013, residential properties comprised 52% while industrial property formed the rest at 48%.

The lack of big ticket property transactions and shortage of available properties that cater to the needs of most buyers are factors affecting the overall sales activity via auction. Amongst the 45 properties put up for auction in October 2013, only TechPark was transacted at $30,000 above the opening price of $630,000.