Property auctions on the rise

Uptrend: From the interest surrounding auctions, it is likely that prices of auctioned properties may be trending up.

AT a recent auction, a low-rise apartment with a price tag of RM18,000 was sold to a 30-something for RM22,000. It is unlikely she is going to stay. The place looks rather rundown. “A very good buy. A mamak restaurant downstairs. Easy to rent,” says the auctioneer.

The picture of the next property is flashed on the screen, a medium cost high-rise unit. The reserve price of RM82,000 is bid up to RM136,000.