Condo resale prices edge up 0.2% in September but sales volume dips: SRX

SINGAPORE - Resale prices of non-landed private residential properties in Singapore picked up slightly in September after a previous tepid month, while volume of sales inched down further from August, according to data from real estate portal SRX Property out on Tuesday .

"This could indicate a decoupling of prices in the primary and secondary private housing markets," said Mr Nicholas Mak, head of research and consultancy at ERA Realty. The URA price index measures the overall private residential property price trend, including both the primary market for new homes and secondary or resale market.

In terms of volume of sales, 743 condo units were resold in September, down 1.5 per cent from 754 units transacted in August, according to SRX data. "Buyers will usually return to the market after the seventh lunar month, but it takes time for the sales to be converted. The transactions may only be reflected about two months later," she added.

On a quarterly basis, transactions have risen since Q3 2018, after cooling measures were implemented in July 2018. Based on advanced estimates using SRX data, the total condo resale volume for Q3 2019 may reach 2,378 units, surpassing the 2,336 transactions inked in Q2 2019, OrangeTee's Ms Sun said. However, Q3 2019's volume is still lower than those in Q1 and Q2 last year before the cooling measures were implemented.

In the RCR, the costliest unit resold was in the Caribbean at Keppel Bay, at $6.3 million. Meanwhile, the highest transacted price in the OCR was $3.5 million, for a unit at Mandarin Gardens.

Source: Real Estate Daily Report (realestatedailyreport.net)

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