Semiconductor Tailwinds Heat Up Auction Market... Southern Gyeonggi Sees String of High-Priced Winning Bids [Real Estate A to Z]

Suwon’s Yeongtong-gu posts 114% winning bid rate, above Gyeonggi average
Spread to non-regulated areas continues... Hwaseong’s Byeongjeom-gu also tops 100%

With home prices surging recently, particularly in southern Gyeonggi Province, a large number of buyers have also flocked to the real estate auction market. In areas known as “shuttle-bus-plus-station-area” locations, including Suwon’s Yeongtong-gu and Yongin’s Suji-gu, auction markets have been heating up, with winning bid rates exceeding 100%.

According to GG Auction, a company specializing in auction data, the winning bid rates last month were 114% in Yeongtong-gu, Suwon, 105% in Dongtan-gu, Hwaseong, and 111.9% in Suji-gu, Yongin. These figures were well above the 88.8% rate for Gyeonggi Province as a whole that month.

Apartment complexes near Dongtan Station in Hwaseong, Gyeonggi Province. Yonhap News Agency

A winning bid rate above 100% means that a property sold at auction for more than its appraised value.

Analysts say rising home prices, driven by liquidity inflows from the semiconductor industry, are spilling over into the auction market. Indeed, last month, cases in which winning bid rates exceeded 100% were reported one after another, particularly in southern Gyeonggi Province. A 102-square-meter unit at Dongmun Apartment in Suji-gu, Yongin, Gyeonggi Province, sold for KRW 867.5 million, about KRW 200 million above its initial appraised value of KRW 675 million, recording a winning bid rate of 128.5%. Twelve bidders competed for the property.

A 60-square-meter unit at Daedong Apartment in Kkotmoe Noeul Village, Jangan-gu, Suwon, sold for KRW 532.7 million, about KRW 130 million above its initial appraised value of KRW 400 million. Its winning bid rate was 133.2%, with 12 people bidding for the property. A 140-square-meter unit at Yubora Yeoul Forest near Dongtan Station in Dongtan-gu, Hwaseong, sold for KRW 869.99 million, recording a winning bid rate of 107.4%.

The auction boom that began in the semiconductor belt is spreading to non-regulated areas, including Byeongjeom-gu in Hwaseong. Last month, the winning bid rate in Byeongjeom-gu was 100.2%. The rate, which was just 87.9% in September 2025, rose above 90% in June and has since stayed around 100%. Cheoin-gu, the only non-regulated area in Yongin, also recorded a winning bid rate of 94.4% last month. After falling as low as 78.3% in October 2025, the rate surged to the threshold of 100% in about a year.

An expert forecast that the spillover effect, with auction winning bid rates rising beyond regulated areas and into non-regulated areas in southern Gyeonggi Province, will continue for the time being. “Auction winning prices reflect home prices because they take asking prices and actual transaction prices into account,” said Lee Juhyeon, an expert committee member at GG Auction. “Unless there are other significant factors, such as interest rate hikes or additional lending restrictions, rising winning bid rates could spread across non-regulated areas of Gyeonggi Province with good access to Seoul.”

This content was produced with the assistance of AI translation services.