Condo resale prices dip in November

0.1% decline follows two straight months of increase; number of units resold down 7.2% from Oct

By location, the core central region and rest of central region saw a 1 per cent drop in prices last month from October figures, while prices for the outside of central region were up 0.8 per cent.
By location, the core central region and rest of central region saw a 1 per cent drop in prices last month from October figures, while prices for the outside of central region were up 0.8 per cent.ST PHOTO: LIM YAOHUI

Resale prices for non-landed private homes dipped slightly last month after two straight months of increase.

Condominium resale prices fell 0.1 per cent, compared with a 0.8 per cent rise in October. Year on year, prices were 1.5 per cent higher.

Sales volume, meanwhile, fell 7.2 per cent, with 801 units resold last month, compared with 863 units in October, according to flash figures from real estate portal SRX Property yesterday.

"The decrease in sales volume is within expectation as sales activities usually slow down towards the year end," said OrangeTee & Tie head of research and consultancy Christine Sun.

But year on year, the number of units sold was 25 per cent more than in November last year, and 10.7 per cent higher than the five-year average volume for the month of November.

By location, the core central region and rest of central region saw a 1 per cent drop in prices last month from October figures, while prices for the outside of central region were up 0.8 per cent.

ERA Realty head of research and consultancy Nicholas Mak said the month-on-month drop in prices was "not very drastic" and was largely within the core central and rest of central regions.

Prices in the core central region rose for three consecutive months from August and last month's drop could be a technical decline, with prices still on an uptrend on the whole, he added.

  • 1.5%

    Dip in condominium resale prices, year on year.

    7.2%

    Fall in sales volume last month, with 801 units resold.

    25%

    Increase in number of units sold, year on year.

    1.1%

    Increase in core central region prices, year on year.

Core central region prices rose 1.1 per cent year on year, while prices in the outside of central region increased 2.9 per cent. But prices in the rest of central zone were down 0.6 per cent.

The highest transacted price last month was for a Hilltops unit, which went for $25.08 million.

Ms Sun said: "The Hilltops transaction price is consistent with the current trend in the luxury market, which is doing quite well, which could also be the reason for the (strong year-on-year price growth) in the core central region."

She added: "It is quite encouraging, given that the cooling measures are still in place, despite the month-on-month (trend)."

The highest transacted price in the rest of central region was $3.7 million, for a resold unit at The Crest, while the outside central region's top seller was a unit at The Trilinq, which was resold for $4.98 million.

THE BUSINESS TIMES

• Additional reporting by Choo Yun Ting


Correction note: An earlier version of the story said condominium resale prices were 1.5 per cent lower year on year. This has been corrected.

A version of this article appeared in the print edition of The Straits Times on December 11, 2019, with the headline 'Condo resale prices dip in November'. Subscribe