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


Author Info

  • 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:)


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.

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Bibliographic Info

Article provided by American Real Estate Society in its journal journal of Real Estate Research.

Volume (Year): 27 (2005)
Issue (Month): 2 ()
Pages: 177-192

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Handle: RePEc:jre:issued:v:27:n:2:2005:p:177-192

Contact details of provider:
Postal: American Real Estate Society Clemson University School of Business & Behavioral Science Department of Finance 401 Sirrine Hall Clemson, SC 29634-1323
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Order Information:
Postal: Diane Quarles American Real Estate Society Manager of Member Services Clemson University Box 341323 Clemson, SC 29634-1323

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Cited by:
  1. Rosane Hungria-Gunnelin, 2013. "Impact of Number of Bidders on Sale Price of Auctioned Condominium Apartments in Stockholm," International Real Estate Review, Asian Real Estate Society, vol. 16(3), pages 274-295.
  2. Abdul ?Rasheed Amidu & Alirat Olayinka Agboola, 2009. "Empirical Evidence Of The Influences On First-Price Bid Auction Premiums," International Real Estate Review, Asian Real Estate Society, vol. 12(2), pages 157-170.
  3. Stevenson, Simon & Young, James & Gurdgiev, Constantin, 2010. "A comparison of the appraisal process for auction and private treaty residential sales," Journal of Housing Economics, Elsevier, vol. 19(2), pages 145-154, June.


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