Condo resale prices up 0.8% last month: SRX

The highest transacted price for a resale unit last month was the $29.5 million - or $4,677 per sq ft - paid for a home at The Marq On Paterson Hill. PHOTO: MY PAPER

Resale prices for non-landed private homes continued to rise last month following an increase in September, while sale volumes picked up a little.

Condominium resale prices rose 0.8 per cent from September, markedly faster than the 0.4 per cent lift in September that came after three straight months of dips.

There were 807 units resold last month, 3.6 per cent up on the 779 moved in September, according to flash figures from real estate portal SRX Property yesterday.

Condo resale prices were up 2 per cent in October over the same month last year, while volumes were 14.8 per cent higher.

All regions recorded month-on-month price increases, with the core central region leading the way with a 1 per cent rise.

Prices in the outside of central region were up 0.8 per cent while those in the city fringes - or rest of central - were ahead 0.7 per cent.

The outside of central region topped the sales charts last month, with 53 per cent of the volume. That was followed by the rest of central on 27.5 per cent, and the core central zone with 19.5 per cent.

The highest transacted price for a resale unit last month was the $29.5 million - or $4,677 per sq ft - paid for a home at The Marq On Paterson Hill.

Strong underlying demand and market optimism for new homes may have "spilled over" to the secondary market, said OrangeTee & Tie's head of research and consultancy, Ms Christine Sun. This led to an increase of both prices and sale volumes last month.

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Mr Nicholas Mak, head of research and consultancy at ERA Realty, said buoyant condo resales were partly due to the marketing of new launches in September and October drawing in buyers, including those looking in the resale sector.

The new condo launches in September included Cuscaden Reserve, Avenue South Residences, Meyer Mansion, The Antares and Uptown @ Farrer.

Projects such as Sengkang Grand Residences, Royalgreen, Midtown Bay, Neu at Novena and Midwood were launched last month.

OrangeTee's Ms Sun said resale home demand may continue to rise, especially in areas where there are many newly launched projects.

But there could also be some downward pressure on demand due to the completion of more private homes in recent months, along with the supply slated to grow further.

"Therefore, resale home prices may continue to rise, albeit at a slower pace for the rest of the year," she noted.

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A version of this article appeared in the print edition of The Straits Times on November 13, 2019, with the headline Condo resale prices up 0.8% last month: SRX. Subscribe