Apartment auctions in October due to high interest rate and loan regulations, highest in 3 years and 11 months

The number of apartments on the auction market increased significantly last month due to the combination of the interest burden caused by high interest rates and the contraction of buying due to the reduction of the loan limit.

According to the "October Auction Trend Report" released by GG Auction, a company specializing in hard and short-selling data, the number of apartment auctions nationwide was 3,493, up 19.1% from September.

This is the highest number of cases in three years and 11 months since November 2020's 3,593 cases.

In particular, the number of auctions in the Seoul metropolitan area has surged, with a large number of sales that could not overcome the interest burden due to high interest rates, and it is observed that sales have accumulated as loan regulatory buying has intensified.

The nationwide successful bid rate was 40.0%, up 3.3 percentage points from September, but the Seoul successful bid rate fell 4.3 percentage points to 41.3 percent.

However, if you look at the successful bid price rate, which means the ratio of the successful bid price to the appraised price, it was 97.0% in Seoul, up 2.7%p from September.

This is the highest figure in two years and four months since 110.0% in June 2022, and it seems to have boosted the overall successful bid price rate as demand has flocked to apartments in the Gangnam area.

In Gyeonggi Province, the winning bid rate was 48.7%, up 6.8%p from September, but the winning bid rate fell 2.2%p to 87.4%.

In addition, Incheon's successful bid rate rose 2.2 percentage points from September to 36.2 percent, but the successful bid rate fell 2.3 percentage points to 79.8 percent.