Last month, the auction success rate for apartments in Seoul hit 93.7%, the highest in one year and 11 months.
According to the ‘July 2024 Auction Trend Report’ released on the 8th by Jiji Auction, a real estate auction data company, the number of apartment auctions held nationwide was 3,332, the highest in three years and eight months since November 2020 (359 cases).
The successful bid rate rose 0.6% from the previous month (86.7%) to 87.3%, the highest in two years since July 2022 (90.6%). The successful bid rate fell 2.5% from the previous month (39.7%) to 37.2%, and the average number of bidders increased 0.3 from the previous month (7.6) to 7.9.
The Seoul apartment auction rate was 46.7%, down 0.5% from the previous month (47.2%). The auction price rate rose 0.8% from the previous month (92.9%) to 93.7%, the highest in one year and 11 months since August 2022 (93.7%).
Recently, due to the decrease in the number of properties for sale in popular complexes and the increase in asking prices, there has been an increase in cases where properties are sold for more than the appraised value (100%) in the auction market. The average number of bidders was recorded at 7.8, down 0.6 from the previous month (8.4).
The successful bid rate for apartments in Gyeonggi-do rose 5.6% from the previous month (45.7%) to 51.3%. The increase in the successful bid rate was driven by the fact that most of the apartments that were not auctioned once were sold out.
The successful bid rate rose 2.2% from the previous month (87.3%) to 89.5%, and the upward trend in the successful bid rate for apartments in Seoul seems to be spreading to major areas in the Gyeonggi area. The average number of bidders increased by 1.1 from the previous month (10.7 people) to 11.8 people, maintaining a high double-digit competition rate for eight consecutive months.
The Incheon apartment auction rate was 32.9%, up 3.1% from the previous month (29.8%). The auction price rate was 81.7%, up 3.1% from the previous month (78.6%), and the auction price rate rebounded as newly built large-scale apartment complexes showed strength. The average number of bidders was 8.2, down 2.0 from the previous month (10.2).
Among the five major metropolitan cities, the apartment bid rate in Gwangju rose by a whopping 10.4% from the previous month (84.0%) to 94.4%, recording the highest rate in two years since June 2022 (96.0%). Ulsan (85.8%) and Busan (78.4%) rose by 1.1%p and 0.3%p, respectively.
Daejeon (82.0%) fell 4.1% from the previous month (86.1%), showing a downward trend for the third consecutive month, and Daegu (82.2%) closed down 2.3%.
Among the eight provinces, the apartment winning bid rate in Gangwon (86.7%) rose 5.0% from the previous month (81.7%).
The success rate for apartments in Jeju, where 9 out of 27 apartments were sold, was 79.0%, and in Sejong, where 15 out of 19 apartments were sold, was 83.2%.