Apartment auctions in the Seoul metropolitan area showed mixed signals in the fourth week of April, with a higher win rate but a lower winning-bid ratio, widening gaps by region.
GG Auction, a court and public auction platform, said April 24 that it analyzed apartment auction trends for April’s fourth week (April 20-24). The number of auctions held was 366, down about 8% from 397 the previous week, but stayed above 300 for a third straight week.
The win rate rose to 39.3% from 33.0%, up 6.3 percentage points. The winning-bid ratio fell to 85.0% from 93.6%, down 8.6 points and below 90% for the first time in six weeks. The average number of bidders was unchanged at 5.6.
In Seoul, the win rate surged while prices eased. Seoul’s win rate jumped to 80.0% from 47.2%, which GG Auction attributed to fewer listings. But the winning-bid ratio dropped to 89.5% from 107.8%, down 18.3 points to the year’s lowest level, as less-preferred properties such as stand-alone complexes sold in the 70% range and pulled down the average.
Still, demand held up for some properties. Singil Xi in Singil-dong, Yeongdeungpo-gu, a relatively new apartment priced under 1.5 billion won, posted a 109.1% winning-bid ratio. Ultra-high-priced Gangnam-area complexes, including Banpo Xi in Banpo-dong, Seocho-gu, averaged above 105%. Seoul’s average number of bidders fell to 5.9 from 7.0, the lowest in four weeks.
In Incheon, both the win rate and winning-bid ratio edged down, but competition intensified. The win rate slipped to 21.9% from 25.8%, and the winning-bid ratio eased to 79.0% from 79.6%. The average number of bidders jumped to 6.7 from 4.0, the highest in 10 weeks. A small apartment near a subway station in Yeonsu-dong drew 20 bidders.
Gyeonggi Province posted a steadier pattern, with a higher win rate and a lower winning-bid ratio. The win rate rose to 42.0% from 32.8%, up 9.2 points, while the winning-bid ratio fell to 83.4% from 87.0%, down 3.6 points. Nonregulated areas such as Suwon’s Gwonseon-gu, Gwangju and Yongin’s Cheoin-gu ranked near the top in winning-bid ratios, suggesting demand concentrated there. The average number of bidders held near the prior week at 5.3.
* This article has been translated by AI.
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