Condo resale prices up for 4th straight month

Condo resale prices were up again in May, the fourth consecutive month of increase.

Values rose 0.4 per cent from April and followed a 0.8 per cent gain from March to April. This figure was adjusted from its initial 0.9 per cent estimate by the real estate portal SRX Property yesterday.

Price gains of non-landed private homes were led by the city fringes, or rest of central region, which were up 0.8 per cent.

The core central region rose a more modest 0.1 per cent while the areas outside the central region were ahead by 0.2 per cent.

Sale volumes increased by 3 per cent with 835 units resold in May, compared with 811 transactions in April. But this was 46.1 per cent fewer than in May last year.

Overall condo prices rose 2.3 per cent in May over the same month last year.

Property market executive Nicholas Mak said there were more signs of a stabilising market, with resale volume largely unchanged from March to May this year at between 809 and 835 units monthly.

Condo resale prices rose in May, with values increasing 0.4 per cent from April, following a 0.8 per cent gain from March to April.

Overall condo prices rose 2.3 per cent in May over the same month last year.

The price rises, which were more visible in the past four consecutive months when it grew by 2.2 per cent from January to May, showed that buyers and sellers were potentially becoming more comfortable with the cooling curbs, Mr Mak added.

"Another possible factor is the new property launches, which are higher priced on a per square foot basis," he said. "This may have an upward influence on the resale prices."

A version of this article appeared in the print edition of The Straits Times on June 12, 2019, with the headline 'Condo resale prices up for 4th straight month'. Print Edition | Subscribe