Condo resale prices rise 0.4% in Dec, 6.2% for 2017

Private-home resale prices in the core central region were up 0.3 per cent month on month in December, said SRX yesterday.
Private-home resale prices in the core central region were up 0.3 per cent month on month in December, said SRX yesterday.ST FILE PHOTO

Resale prices of private homes stayed on an upward trend last month to underscore the market's gradual turnaround.

Values rose 0.4 per cent from November to December, the same pace as November's revised rate, according to flash estimates from SRX Property yesterday.

The data showed that prices continued to rise across the island.

Values in the core central region and the outside central region were up 0.3 per cent month on month while those for the rest of the central region advanced 0.6 per cent.

Resale prices of condos and private apartments over the past 12 months have increased 6.2 per cent, said SRX.

All locations saw price appreciation last year: core central region was up 6.2 per cent, the rest of the central region added 8.9 per cent while values in the outside central region advanced 4.4 per cent.

But resale prices for private non-landed homes were still down 2.1 per cent from their last peak in January 2014, said SRX.

Not surprisingly, given the festive season, resale volume fell 38.3 per cent to 895 units in December from 1,450 in November.

The resale volume last month was 79.7 per cent higher that the 498 units moved in December 2016, but off 56.3 per cent compared with the peak of 2,050 units resold in April 2010.

Government flash estimates last week showed that private home prices - for both new and resale properties, landed and non-landed - rose by 1 per cent last year, their first rebound since 2013.

Analysts said the recent collective sale fever has likely pushed up private residential prices and transactions as cash-rich sellers look for replacement homes.

The recovering economy and job market, and the Government's tweak of its seller's stamp duty in March last year, also contributed to the steady upturn in the private property market.

A version of this article appeared in the print edition of The Straits Times on January 10, 2018, with the headline 'Condo resale prices rise 0.4% in Dec, 6.2% for 2017'. Print Edition | Subscribe