Mortgagee listings keep dropping amidst a lack of buyer interest

There are 22 mortgagee listings in Q2 2023.

The mortgagee listings went down 8.3% quarter-on-quarter from 24 in Q1 2023 and is also less than half of 50 in Q2, Knight Frank’s recent report showed.

Of the 12 mortgagee listings, there were 12 residential mortgagee listings in the quarter, comprising four landed homes and eight non-landed residences.

There were also four retail and six industrial mortgagee listings in Q2 2023, with no office listings.

Knight Frank said the retail listings were freehold properties in suburban areas.

It also observed that the “lack of buyer interest could have been due to the increasingly tough business climate fraught with rising labour costs, inflation, and interest rates which have made retailers more cautious about business expansions.”

The four successful properties auctioned in Q2 2023 are composed of four industrial mortgagee listings. A freehold industrial property in Tong Lee Buildings sold at $1.89m, some 8.7% higher than the opening bid of $1.74m, and a strata-industrial space at Midview City was sold at the opening price of $850,000.

The remaining two other units at Enterprise Hub were knocked down at some 11% below the respective opening prices.

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