Factors Influencing Auction Outcomes: Bidder Turnout, Auction Houses and Market Conditions

Seow Eng Ong (), Kenneth Lusht () and Chee Yong Mak
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Seow Eng Ong: Department of Real Estate, National University of Singapore, 4 Architecture Drive, Singapore 117566
Kenneth Lusht: Dept of Insurance & Real Estate, Pennsylvania State University, 409 Business Admin Bldg. University Park, PA 16802-3004
Chee Yong Mak: National University of Singapore, 4 Architecture Drive, Singapore 117566, Author-Workplace-Homepage:

Journal of Real Estate Research, 2005, vol. 27, issue 2, pages 177-192

Abstract: This study provides new evidence on the outcomes of auctions of residential real estate, focusing on the effects of bidder turnout, pricing, market conditions and auction houses. Our analysis of properties offered for sale by auction in Singapore from 1995 to 2000 shows that several variables are significant in explaining why an auction results in a sale or not. These variables included the state of the market, the timing of the auction (year), the number of bidders at the auction and the auction house. We also find that the probability of a sale is higher for distress sales, for more homogenous properties and for those located in the central region. Finally, we provide a sensitivity analysis of how market conditions and the choice of auction house influence the probability of a sale.

JEL-codes: L85 (search for similar items in EconPapers)
Date: 2005
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