The only way is up for private apartment resale prices these days, with another month of gains and this time at a quicker pace, according to data out yesterday.
The values of non-landed homes rose 1 per cent last month, an increase that came on the heels of a 0.3 per cent advance in December. This was revised down from an estimate of a 0.4 per cent increase.
The recent trend of islandwide increases was sustained: The core central region was up 1.2 per cent from December, while the rest of the central region gained 1.4 per cent and the outside central region added 0.6 per cent.
Resale prices of condos and private apartments climbed 6.3 per cent in January from the same month last year, and are now just 1.2 per cent off from the last peak in January 2014, said real estate portal SRX Property.
All locations saw price gains from January last year. The core central region was up 5.6 per cent, the rest of the central region shot up 9.7 per cent, while the outside central region put on 4.4 per cent.
SRX Property said an estimated 1,097 non-landed private residential units were resold last month, a 15.1 per cent increase from the 953 units resold in December.
Resale volumes last month were 99.8 per cent higher compared with the 549 units resold in January last year.
Meanwhile, official government figures show that private home prices - both new and resale - rose 1.1 per cent last year, ending a near four-year decline, led by non-landed units rising 1.3 per cent.
Analysts have said the collective sale fever has likely pushed up resale private residential prices and transactions, as cashed-out owners look for replacement homes.
The steady upturn in the economy and job market, as well as the Government's tweak of its seller's stamp duty in March last year, also helped the overall market recovery.