Core Viewpoint - The supply of auctioned properties in September 2025 reached 46,000 units, a month-on-month increase of 44%, while transaction volume decreased to 5,033 units, reflecting a cooling market despite remaining at a high level for the year [3][4][23]. Supply and Demand - The number of properties listed for auction increased by 31% month-on-month, totaling 42,000 units [4][12]. - The average starting price for auctioned properties was 40.6 billion yuan, up 25% from the previous month [12]. - Ten cities reported over 500 new auction listings, with Chongqing leading at 1,990 units [16]. Transaction Volume - The transaction volume for auctioned properties was 5,033 units, a decrease of 8% month-on-month but still above 5,000 units for two consecutive weeks [5][23]. - The average transaction rate for auctioned properties was 19.3%, marking a decline for two consecutive months [6][33]. Price Trends - The average discount rate for auctioned properties was 32.3%, with a slight increase of 0.1 percentage points [37]. - The average starting discount rate for auctioned properties was 28.1%, down 0.7 percentage points from the previous month [37]. Market Outlook - The market for auctioned properties is experiencing a decline in transaction rates and heat, influenced by the release of pent-up demand and the establishment of new supply-demand relationships [8]. - The average number of bids for auctioned properties dropped to 14, with only 5.5% of properties receiving over 100 bids, both new lows for 2025 [8][23]. Notable Transactions - A high-value auction property in Hangzhou sold for 32 million yuan, nearly three times its starting price, indicating strong demand for premium properties [28]. - The highest transaction price for an auctioned property was 84.86 million yuan in Shanghai, reflecting a 30% discount from its assessed value [29].