Core Insights - The perception of "bargain hunting" in the auctioned property market should be abandoned, as the low starting prices reflect inherent risks rather than true value [1] - The differentiation in the auctioned property market is fundamentally about the value of "certainty," with prime urban properties often selling close to market prices, while properties in remote areas or with ownership issues may fail to sell even at half price [3] - Policies aim to reduce transaction costs rather than eliminate risks, as recent changes have made auctioned properties eligible for public housing loans and mandated court responsibilities for property handover, but do not address all hidden risks [5] Market Dynamics - The core decision-making factors for ordinary buyers revolve around their "risk tolerance" and "information acquisition capabilities," with many buyers facing issues not due to the properties themselves but from misunderstanding the level of risk involved [7] - Auctioned properties are no longer a niche market but a standardized rational market, requiring buyers to understand that true returns come from the net value after accounting for all explicit and hidden costs [9] - Buyers should prioritize properties with clear ownership and court-backed handover to maximize value, while investors should focus on high-quality assets in core areas to mitigate potential volatility [9]