Condo resale prices up 0.9% in April

Resale prices for non-landed private residential units rose 0.9 per cent last month, the third straight month-on-month rise.

For the first four months of the year, non-landed resale prices are up about 2 per cent, according to flash estimates from real estate portal SRX Property yesterday.

Year on year, resale prices are up 3.6 per cent, with the core central region, rest of central region and outside central region recording price increases of 3.1 per cent, 2.4 per cent and 4.5 per cent, respectively. Volume, however, stayed "well below 2018", with the number of units resold last month falling 48.4 per cent year on year to 830 units. Still, this was 3.4 per cent higher than the 803 units resold in March.

OrangeTee & Tie research and consultancy head Christine Sun said price increases did not deter buyers from purchasing resale homes last month, as volumes had risen. She added that the resale market could have experienced some spillover demand from the primary market.

SRX's overall median transaction over X-value (TOX) was $10,000 last month, the highest since October last year. TOX increased by $14,000, compared with negative $4,000 for the previous month. TOX measures how much a buyer is overpaying or underpaying for a property based on SRX Property's computer-generated market value.

Among districts with more than 10 resale transactions, District 2's Anson and Tanjong Pagar posted the highest median TOX of $50,000. Telok Blangah and HarbourFront in District 4 posted the lowest median TOX of negative $34,000.

A version of this article appeared in the print edition of The Straits Times on May 15, 2019, with the headline 'Condo resale prices up 0.9% in April'. Print Edition | Subscribe