Zooming into auction market 2020
Amongst the 27,541 foreclosure properties, a majority of 83% or 22,867 residential properties worth RM8.
Amongst the 27,541 foreclosure properties, a majority of 83% or 22,867 residential properties worth RM8.
With the Covid-19 pandemic affecting the income source of many property owners, have more assets been placed under the hammer? For home-seekers and investors, is the auction market now offering value-worthy picks? A check with auction houses show that indeed, prices on the foreclosure market have slumped to as much as 30% to 40% below market value.
In early December 2020, it was reported on online media that the house of a cash purchaser in Lunas, Kedah was auctioned off by the financing bank because the progress payments she made to the developer allegedly never reached the bank.
The auction property market in Malaysia has been muted in the first quarter of 2020 when the six-week Movement Control Order (MCO) from March 18, 2020 caused a pause in all physical auction activity.
The proposed implementation of eLelong by the Chief Registrar’s Office of the Federal Court of Malaysia (CRO) is aimed at mitigating issues surrounding the property auction process, particularly when it comes to syndicates.
THE supply of foreclosed properties up for auction has dropped as banks have foreclosed on fewer homes since 2012, according to several property auctioneers.