SINGAPORE: Mortgagee sales continued to rise in the first quarter of this year, with the success rate for such properties under the hammer increasing as buyers source for bargains, a new report says.
The number of properties offered for auction under mortgagee listings rose 22.7 per cent quarter on quarter to 54 units in the first quarter, according to a Knight Frank report on the auction market out today.
This represented a massive 200 per cent jump year on year, from 18 properties put up for auction sale by mortgagee in the same quarter a year back.
“Persistently weak sentiment” from cooling measures, including the Total Debt Servicing Ratio framework and the softening leasing market, contributed to the residential sector forming the bulk, or 70.3 per cent, of total auction listings during the quarter.
