Resale prices of condominiums and apartments moved up again last month to hit a new high, according to the latest flash estimates from real estate portal SRX Property.
Data released yesterday showed that the prices of private, non-landed homes rose 1.5 per cent against February's peak.
These gains were seen across the island, with home prices in the core central region up by 2.2 per cent compared with February to touch record levels. Homes in the rest of the central region set a record as well, posting a price rise of 1.3 per cent over February, while homes outside the central region also saw their value increase by 1.3 per cent.
Meanwhile, the monthly price change for February was revised upwards to 2 per cent, from an earlier estimate of 1.9 per cent.
All in all, last month's performance marked an increase of 8.5 per cent compared with the same month last year.
Prices in the core central region last month stood at 8 per cent higher than in March last year. They appreciated 11.4 per cent in the rest of the central region, and by 7 per cent outside the central region over the year.
Prices in the first three months of this year were 3.5 per cent higher than in the previous quarter.
Meanwhile, resale volume last month swelled by 11.4 per cent to 1,310 units, compared with February, said SRX - although this was still 36.1 per cent lower than the peak in April 2010.
In response to the SRX figures, OrangeTee & Tie's head of research and consultancy Christine Sun said resale prices are expected to keep rising in the coming months. Sellers are likely to ask for higher prices amid growing demand from those who sold en bloc and are looking for new homes.
She added that some of those who sold en bloc are already buying a new home before the completion of the collective sales, as they expect the replacement cost to rise significantly in the months ahead.