Seoul's apartment auction market maintained a success rate above 100% for the fourth consecutive month in July, according to a report released on August 6 by Jiji Auction. The July success rate reached 101.0%, down 0.7 percentage points from June but continuing the strong performance trend. The sustained strength was driven by high-price sales in mid-to-low price apartment complexes under 1.5 billion won that carry expectations for remodeling and reconstruction projects. This marks the fourth straight month the Seoul market has exceeded the 100% threshold, indicating continued buyer competition in the auction segment.
Seoul Auction Activity Increases with 180 Cases Processed
Seoul apartment auction cases totaled 180 in July, representing a 20% increase from the previous month and marking three consecutive months of growth. The auction success rate rose to 38.3%, up 4.3 percentage points from June.
Outer districts including Dobong-gu led the success rate increase, with most mid-to-low price apartments that experienced one round of failed bidding ultimately selling. The average number of bidders per auction decreased to 6.1 people, down 1.1 from the previous month.
Gyeonggi and Incheon Show Mixed Regional Performance
Gyeonggi Province recorded an apartment auction success rate of 86.8% in July, down 1.5 percentage points from June, while the auction success rate climbed to 49.1%, up 8.1 percentage points. Total auction cases numbered 812, slightly below June's 841 cases. Average bidders per auction fell to 6.0 from 6.6 in June.
The decline in success rate was attributed to approximately 40 apartments in Uijeongbu that sold at low prices after multiple failed bidding rounds. However, some non-regulated areas including Manan-gu in Anyang and Gunpo City recorded success rates exceeding 100%.
Incheon's apartment auction success rate reached 80.4%, up 2.2 percentage points from the previous month. Yeonsu-gu recorded the highest rate at 83.7%, followed by Geomdan-gu at 82.8% and Seohae-gu at 82.5%. The auction success rate rose to 40.1%, an increase of 8.2 percentage points. Total cases reached 332, up from 301 in June, and average bidders increased to 5.1 from 4.8.
National Auction Rate Records 16-Month Low
The national apartment auction success rate fell to 85.4% in July, down 1.5 percentage points from June and marking the lowest level in 16 months since March of last year. Ulsan's rate plunged 16.0 percentage points to 78.7%, while Busan dropped into the 70% range at 78.8% for the first time in eight months.
The national auction success rate rose to 37.3%, up 3.8 percentage points from the previous month. Total auction cases reached 3,755, a 1.5% increase from June and the highest level this year. Average bidders per auction remained at 5.3 people, staying in the 5-person range for the third consecutive month.
FAQ
What was Seoul's apartment auction success rate in July?
Seoul's apartment auction success rate reached 101.0% in July, down 0.7 percentage points from June but marking the fourth consecutive month above 100%.
Why did Seoul's auction market maintain strength above 100%?
The sustained performance was driven by high-price sales in mid-to-low price apartment complexes under 1.5 billion won that carry expectations for remodeling and reconstruction projects, particularly in outer districts like Dobong-gu.
How did the national apartment auction rate perform in July?
The national apartment auction success rate fell to 85.4%, down 1.5 percentage points from June and recording the lowest level in 16 months since March of last year, influenced by sharp declines in Ulsan and Busan.
