Overall auction sales value soared 54.1% q-o-q from $9.62 million in 1Q2016 to $14.81 million in 2Q2016, according to the latest Knight Frank auction report. On a y-o-y basis, the overall auction sales value increased 48.4% from $9.99 million in 2Q2015.

A total of 185 properties were put up for auction in 2Q2016. That is an increase of 31.2% q-o-q from 141 in 1Q2016. Seven of the properties went under the hammer. Of these, four were transacted below $2.5 million, while three others were sold for between $2.5 million and $5 million. The latter were all mortgagee sales.

There were 61 mortgagee sales in 2Q2016. Of these, 31 were fresh mortgagee sales comprising residential properties (21 units), industrial (six units), office (two units), and shop and shophouse (two units). Mortgagee sales value climbed 105.9% q-o-q from $5.88 million in 1Q2016 to $12.1 million in 2Q, despite only four of the properties being sold.

The residential segment registered $13.24 million worth of transactions in 2Q2016. The number of residential properties put up for auction increased 21.2% q-o-q from 85 in 1Q2016 to 103 in 2Q. Of these, 43 were mortgagee sales.

Knight Frank expects the total number of properties put up for auction in 2016 to cross the 700 mark after 326 properties were auctioned in 1H2016.