Nationwide Apartment Auctions Weaken... Seoul's Successful Bid Price Ratio Also Falls by 4 Percentage Points

[Financial News] While the number of apartment properties up for auction nationwide remains high, major auction indicators generally showed a sluggish trend.
According to the August auction market trends report released on the 7th by Ggijji Auction, a company specializing in auction data, 3,614 apartment auctions were held nationwide last month, a slight decrease from the previous month.
The successful bid rate was 35.4%, down 1.9 percentage points from the previous month (37.3%). The successful bid price ratio was 84.7%, down 0.7 percentage points from the previous month (85.4%).
It continued to decline for three consecutive months. The average number of bidders was 5.3, unchanged from the previous month, indicating a low level of competition.
The successful bid rate for apartments in Seoul was 37.1%, down 1.2 percentage points from the previous month (38.3%), remaining in the 30% range for three consecutive months. The successful bid price ratio was 97.0%, down 4.0 percentage points from the previous month (101.0%). Some large-sized apartments and standalone complexes were sold at 60–80% of their appraised values, contributing to the decline in the average successful bid price ratio.
However, apartments in the mid- to low-price range with favorable living conditions and complexes with expectations for reconstruction or remodeling continued to attract successful bids above their appraised values. In particular, areas with a high proportion of mid- to low-priced apartments, such as Jungnang-gu (115.2%) and Nowon District (102.8%), ranked among the areas with the highest successful bid price ratios and showed strength. The average number of bidders was 6.1, down 1.1 from the previous month (7.2).
The successful bid rate for apartments in Gyeonggi Province plunged 11.4 percentage points from the previous month (49.1%) to 37.7%, the lowest level this year. A sharp decline in the successful bid rate in northern Gyeonggi Province, particularly in Uijeongbu-si, Paju-si, and Ilsanseo-gu, Goyang-si, pulled down the overall average.
By contrast, the successful bid price ratio rose 3.0 percentage points from the previous month (86.8%) to 89.8%. This was the highest level in two years, since August 2024 (90.2%). By region, leading preferred areas in the Seoul metropolitan area, including Hanam City (112.1%), Dongtan-gu, Hwaseong-si (109.8%), Suji District, Yongin-si (109.5%), and Bundang-gu, Seongnam-si (106.8%), drove up the average successful bid price ratio. The average number of bidders remained similar to the previous month at 5.9.
The successful bid rate for apartments in Incheon Metropolitan City was 32.7%, down 7.4 percentage points from the previous month (40.1%). The successful bid price ratio was 79.1%, down 1.3 percentage points from the previous month (80.4%). The average number of bidders was 6.0, up 0.9 from the previous month (5.1).
Among the four major metropolitan cities outside the capital region, Ulsan's apartment successful bid price ratio rose 5.7 percentage points from 78.7% the previous month to 84.4%, the largest increase nationwide. Busan (80.1%) rebounded for the first time in three months, rising 1.3 percentage points from the previous month (78.8%). Daegu (79.5%) fell 1.9 percentage points from the previous month (81.4%), dropping below 80% again for the first time in nine months since November last year (77.0%). Daejeon (83.2%) also fell 1.0 percentage point from the previous month (84.2%).
Among the seven provinces outside the metropolitan cities, Gyeongsangbuk-do (78.3%) and Jeju Province (82.5%) rose by 2.8 and 2.1 percentage points, respectively. By contrast, South Gyeongsang Province (75.8%) fell 3.8 percentage points, reaching its lowest level in seven months since January this year (75.7%). Gangwon State (80.2%) also fell 3.6 percentage points, while North Jeolla Province (81.4%) and Chungbuk (74.7%) declined by 2.5 and 2.2 percentage points, respectively. South Chungcheong Province (80.1%) also fell 1.2 percentage points from the previous month (81.3%).
Sejong City (86.0%) rose 1.2 percentage points from the previous month (84.8%), while Jeonnam-Gwangju (74.3%) fell 8.5 percentage points from the previous month (82.8%).

[email protected] Choi A-young Reporter