Ahead of the June election, housing prices in Sejong City have risen, increasing the popularity of residential facilities in the auction market.
According to the April auction trend report published on the 12th by GGAuction, the bid success rate for residential facilities (apartments, villas, and single-family homes) in Sejong City was 47.7% last month. This ranks first among all cities and provinces nationwide, a 20.1 percentage points increase from the previous month (27.6%). The bid success rate refers to the proportion of items in the auction that have been successfully awarded.
In particular, the bid success rate for apartments is 82.3%, consistently exceeding 80% since February. A 99㎡ unit in the 5th Complex of Naritjae Village in Nasaengdong, Sejong City, was awarded at 945.51 million won, exceeding its appraised value of 945 million won in the auction.
The number of bidders has generally increased. In the auction for a 101㎡ apartment in the 12th Complex of Gaon Village, Dajeong-dong, Sejong City, last month, there were 24 bidders.
GGAuction noted in its report that "properties, especially apartments that had been failed to sell once, were quickly sold off, and most single-family homes that fell below half of their appraisal value were awarded, which contributed to the increase in the bid success rate."
The rise in housing prices continues as major political parties campaign on promises such as the transfer of the presidential office and National Assembly to Sejong City and the push for constitutional amendments to relocate the administrative capital.
According to the weekly apartment price trend survey by the Korea Real Estate Board, the price of apartments in Sejong City increased by 0.04% in the second week of April, marking a turnaround to rising prices for the first time in 1 year and 5 months. In the third week of last month, the increase rose to 0.23%, and in the fourth week to 0.49%. The increase rate was also 0.40% in the first week of this month.
Meanwhile, the area with the highest bid success rate was Seoul. Seoul's bid success rate recorded 88.9%, maintaining the highest in the country for four consecutive months. For apartments, the bid success rate was 97.2%, a slight decrease from the previous month (97.5%), but still at a high level. In particular, Seongdong-gu (110.8%) recorded the highest bid success rate among autonomous districts for two consecutive months, maintaining its strength.
Apartments in Gwangjin-gu and Dongjak-gu, which have good accessibility to Gangnam, recorded a 100% bid success rate, leading to an overall increase in Seoul's bid success rate.