Property owners are auctioning their real estate amid a weak secondary market instead of relying on agents, according to auction houses.
The property market is divided into the primary market where people buy from developers, and the secondary or sub-sale market where they buy from owners via agents.
Private auctions are being held to sell residential, commercial properties and land, said one of the largest auction houses in the country Ng Chan Mau & Co Sdn Bhd.
Business development manager Tom Low Chee Hian said private, or owner-appointed auctions, is an avenue that seemed to be growing.
Media Title: The Star
Date: 19 June 2019