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KUALA LUMPUR (Nov 8): There were 1,920 residential units auctioned in the first nine months of 2023, with a total value of RM529.03 million, according to Local Government Development Minister Nga Kor Ming.

These auctioned residential units include 1,033 units priced at RM300,000 and below; 418 units priced at RM300,000 to RM500,000; 267 units priced from RM500,000 to RM1 million; and 202 units priced at RM1 million and above.

For 2022, based on the Auctioned Residential Data report issued by the National Property Information Center (Napic), there were 2,203 auctioned residential units valued at RM504.57 million.

“This included 1,325 units priced at RM300,000 and below; 477 units priced at RM300,000 to RM500,000; 293 units priced from RM500,000 to RM1 million; 108 units priced at RM1 million and above,” Nga said in written parliamentary response to Datuk Shamshulkahar Mohd Deli (BN-Jempol) on Wednesday.

Shamshulkahar inquired about the research conducted by the ministry to address the 20% increase in the country’s real estate auction market following the fifth increase in the overnight policy rate (OPR) since May 2022.

Nga explained that while the increase in OPR may be one of the reasons for the rise in the real estate auction market, other factors have also been identified as having a greater impact, such as the increase in the cost of living and the post-pandemic impact.

“Although the increase in OPR leads to higher loan repayments, depositors also enjoy better returns on deposits at higher rates, further encouraging individuals to save money,” Nga added.

The increase in the sale of homes in the auction market at prices lower than the market price and located in mature areas, according to Nga, presents a great opportunity for first-time home buyers.

“(The public can) finance their purchase through the i-Biaya initiative under the Housing Credit Guarantee Scheme (SJKP), which is provided by the government and guarantees a financing limit of up to RM500,000, even for auctioned homes,” Nga added.

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