The total number of properties placed on the auction block fell to 141 units in Q1 2016, the first time the volume has gone under the 150-unit mark since Q4 2014, according to a report from Knight Frank. Although this represents a quarterly and yearly decline of 19.4 percent and 24.6 percent respectively, the number of properties successfully auctioned off doubled from four in Q4 2015 to eight during the quarter under review. “This translated to an overall success rate of 5.7 percent, a recovery from the record low of 2.3 percent seen in the last quarter of 2015 but a decline from the high success rate of 8.0 percent witnessed a year ago,” said the consultancy. Still, despite the quarterly increase in successful auctions, total sales volume dropped by 11.2 percent to S$9.6 million from the previous quarter. “This dismal result also represented a significant 73.2 percent decrease from a year ago, when S$35.8 million worth of auction sales was achieved,” noted Knight Frank.... Continue Reading