아파트 경매 낙찰가율 결정요인에 관한 연구 - 부산광역시를 중심으로

Determinants of Auction Sale Price Ratios for Apartments

This study conducts an empirical analysis to identify key determinants influencing auction success rates (bid-to-appraisal price ratios) in apartment auctions in Busan, Korea, where winning bidders bear no additional financial burdens. The determinants were categorized into three groups: auction characteristics, property characteristics, and locational characteristics. Among the 13 independent variables examined, 8 showed statistically significant effects. Significant auction characteristics include type of auction (compulsory or voluntary), number of failed auctions, type of occupancy, potential loss of tenant's deposit, and unpaid maintenance fees. Regarding property characteristics, exclusive floor area, floor location ratio, and building age positively affected the bid success rate. In contrast, the number of bidders, proximity to subway stations or schools, parking availability per household, and recent transaction volume within the complex were statistically insignificant. These results suggest that bidders in the auction market prioritize factors such as simplicity of legal rights, ease of possession, and return on investment over traditional location-based attributes. This study contributes to a deeper understanding of auction pricing mechanisms and provides a foundation for evidence-based policy and institutional design for real estate auctions.