THE Singapore property auction market softened in the second quarter, after an outstanding performance in the first quarter of the year.
The total transacted value achieved was S$5.045 million, with the auctioneer hammer falling on only four properties.
Despite the uncertainty that looms in the global economy, property owners still see auctions as a good avenue for sale and the number of properties listed for auction sale increased from 109 units in the first quarter to 113 in the subsequent three months.
Of those listed, Jones Lang LaSalle (JLL) marketed about one-third, spanning four property sectors.
Of the successful transactions, two residential properties were sold for S$4.05 million in total.
Located in district 15 and 11 respectively, these properties consisted of a two storey intermediate terrace at Woo Mon Chew Road, which was also one of the two mortgagee sales concluded this quarter, and a ground floor apartment at Novena Court.
Meanwhile, interest in the commercial market moderated.
While the first quarter saw 40 commercial properties come to market, the second quarter experienced a drop with 34 properties.
The largest transaction within the commercial sector in the second quarter was a small shop unit off North Bridge Road, which sold for S$430,000.
JLL head of auctions Mok Sze Sze said, "Buyers have adopted a wait-and-see approach during the most recent auctions. Bargain hunters are watching but are not yet ready to commit until the market shows greater clarity."
She noted that sellers remain confident and that JLL had "recently received a listing for a rare two storey freehold titled terrace house in the Orchard area for our next auction".