The overall auction sales value soared 42.8% q-o-q from $14.8 million in 2Q2016 to $21.2 million in 3Q2016. This brings the total auction sales value to $45.6 million as at 3Q2016.

There were 14 properties sold in 3Q2016 and four of them were hammered above the $1.5 million mark. Residential properties dominated the auction floor with seven properties successfully sold at a total sales value of $11.8 million. Five industrial properties were sold with a total sales value of $4.8 million while two more commercial properties fetched $4.3 million.

The overall auction sales value was evenly contributed by mortgagee and owner sale listings with $7.5 million and $8.8 million being hammered down respectively. The only trustee sale at 105 Dunbar Walk also contributed $4.8 million to the quarter’s total sales figures.

Mok Sze Sze, head of auction and sales at JLL says, “With the uncertain economic outlook and current buyer’s market, auction will likely become a preferred mode of sale for owners where a definite timeline is set for decision with no cooling off period.”

JLL anticipates that there will be an increase in mortgagee sales of between 10% and 20% next year.