Properties put up for auction at 6-year high

MORE distressed properties were put up for auction this year, but barely a fraction were sold.

The number of auction properties rose to a six-year high of 796 in 2015, going by Colliers data which includes relistings, but the number that got sold was dismal at just 33.

This represents a success rate of just 4.1 per cent, down from an average of 6.2 per cent over the last five years.