More properties up for auction but few sold

THE number of properties put up for sale via auction is increasing as more sellers are turning to the auction market when they find it hard to move sales in the secondary market.

But selling units in the auction market isn't always quicker as there are cautious buyers staying on the sidelines.

Data from Colliers International showed that a total of 132 properties were put up for sale via auction in the first three months of this year, up from 120 properties in Q4.

Despite the increased supply, only six properties were sold in Q1 for a total of $17.87 million. This is a 76.5 per cent decline from the $76.08 million a year ago, which was bolstered by the sale of four high-value properties.

"The low level of transactions this quarter reiterated the persistent stalemate between buyers and sellers," noted Grace Ng, deputy managing director of Colliers International. "Although sellers are now more willing to negotiate in light of the softer market sentiments, it is a buyers' market now - with many adopting a wait-and-see approach in anticipation of price declines on the back of supply pressures in the near f…