Singapore auction listings rise, but sales lag in Q4 2024

Auction sale listings surged by 47.7% QoQ to 127 in Q4 2024.

The Singapore auction market saw a notable increase in listings in Q4 2024, but a persistent gap in price expectations between buyers and sellers remains, Knight Frank said.

In its commentary, the real estate consultant noted that while more properties were put up for auction, many transactions were concluded through private treaty after the event rather than during the auction itself.

Auction sale listings surged by 47.7% QoQ to 127 in Q4 2024. For the entire year, 418 properties were listed, reflecting a 16.8% YoY increase. The rise was largely driven by mortgage sale listings, which climbed by 61.3% YoY to 171.

Despite this growth in listings, gross sales value dropped by 17.5% YoY to S$28.7m, with only 15 properties sold in 2024, down from 24 in 2023. As a result, the overall success rate fell to 3.6%.

Residential properties accounted for 36.2% of the total listings in Q4, remaining consistent with Q3 levels. Retail shop listings, however, saw a sharp rise from 14 in Q3 to 36 in Q4, while office listings increased from 2 to 6.

Industrial properties also experienced a growth in listings, rising from 23 in Q3 to 31 in Q4. Five shophouses were listed, making up 3.9% of the total listings.

Two notable transactions occurred in Q4. A walk-up apartment on Dickson Road, listed as a trustee sale, was sold for $1.3m, 18.2% above its opening price of $1.1m. Meanwhile, a two-bedroom apartment at Bayshore Park, listed as an owner sale, was sold at its opening price of $1.02m.

Looking ahead to 2025, the auction market is expected to face further adjustments. Rising financial distress is evident, with 4,521 bankruptcy applications filed between January and November 2024, already exceeding the 3,986 applications recorded in all of 2023.

The average annual auction success rate over the past decade has been 5.1%, and Knight Frank forecasts a similar rate of around 5% for 2025.