Auction sales highest since 2011, says JLL
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In 2017, $103.35 million worth of residential, commercial and industrial properties went under the hammer, according to a report released by JLL on Dec 18. This marks the highest transaction value at auctions in a year since 2011. Residential sales, which stood at approximately $79.79 million, made up 77.2% of the total auction sales value.
According to the report, this was on the back of an approximately 10% y-o-y rise in the number of properties sold at auction, which rose from 41 in 2016 to 45 in 2017.
Among the largest sales in 2017 by quantum was a bungalow along Chestnut Drive – sold for $11.38 million in April – and a five-storey commercial building at South Bridge Road, which was sold for $6.68 million in November, says the report.
Mok Sze Sze, head of auction and sales at JLL, expects interest in mortgagee sales to increase as more buyers enter the market amid improving sentiment.
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