Listings soared to a 7-year high.
Singapore’s property auction market witnessed a seven-year high of mortgagee listings in 2015, on back of subdued economic conditions and the continued impact of property cooling measures.
Data from property consultant Colliers showed that mortgagee listings surged by 51.6% to 241 properties, while owner listings stood at 555, bringing total auction listings to a six-year high of 796.
This marks a significant 50.5% jump from the total of 529 auction listings last year.
The increase in the number of repossessed property listings put up for auction by banks and financial institutions was due to the difficulties faced by borrowers in default to sell their properties.
33 properties were sold at auctions in 2015, chalking up a total sales value of SGD101.62 million.
While the number of sales at auctions was almost the same as the 32 properties sold in 2014, the overall sales value was up by about 40 per cent, as compared to the SGD72.5 million achieved last year.