Results 1 to 2 of 2

Thread: Resale condo prices hit three-year high in June

  1. #1
    Join Date
    Oct 2011
    Posts
    10,829

    Default Resale condo prices hit three-year high in June

    Resale condo prices hit three-year high in June

    JUL 12, 2017

    Wong Siew Ying


    SINGAPORE - Resale prices of condominiums continued to rise in June, lending weight to talk of a recovery in the property market. Values of resale condos rose by 0.9 per cent from May to hit a three-year high last month, according to SRX Property flash estimates on Tuesday (July 11).

    Its resale index hit 171 in June, the highest since May 2014, when it registered 172.1.

    Resale prices are up 2.2 per cent from June last year, but are still down by 4.4 per cent from their last peak in January 2014.

    June's price rise was an improvement from the revised 0.5 per cent increase in May, though a shade lower than the 1 per cent rise from January to February.

    Mr Alan Cheong, senior director of research and consultancy at Savills, said: "The resale price growth in June was strong. Given that the resale market is typically a better reflection of the overall sentiment, it suggests there is some broad- based recovery in the market."

    However, OrangeTee head of research and consultancy Wong Xian Yang said: "Weak rents will continue to weigh on prices. This is especially so for the outside central region, where competition for tenants is expected to remain intense due to high volumes of completions in recent years."

    June's price growth was driven mainly by the core central region, where resale values rose 1.3 per cent from May, and the suburbs, which recorded a 1.1 per cent increase. Resale prices in the city fringe remained unchanged, the SRX said.

    Its estimates showed that resale transaction volumes fell by 12.5 per cent to 1,065 units in June from the 1,217 moved in May. But sales were up by 51.1 per cent from the 705 units sold in June last year.

    "Sales fell in June largely due to the school holidays. We expect the sales momentum to continue after June," noted Dr Lee Nai Jia, head of research at consultancy Edmund Tie & Company.

    SRX's median transaction over X-value (TOX) - which measures if buyers are overpaying or underpaying its computer-generated market value - came in at $1,000 in June, down from $2,000 in May. The Newton and Novena areas had the highest median TOX at $40,000, while the HarbourFront and Telok Blangah districts posted a negative TOX of $120,000, which meant most buyers in that district bought units well below SRX's computer-generated value.

  2. #2
    Join Date
    Oct 2011
    Posts
    10,829

    Default

    Resale condo prices up 0.9% in June to hit 3-year high: SRX

    However, volume is down 12.5% from May's estimated figure

    July 12, 2017


    NON-LANDED private residential resale prices rose 0.9 per cent in June from May, reaching a three-year high, flash estimates from SRX Property show.

    The uptick in June was led by the Core Central Region (CCR) and the Outside Central Region (OCR), which registered rises of 1.3 per cent and 1.1 per cent respectively, while the Rest of Central Region (RCR) index was flat in June.

    From a year ago, resale prices were 2.2 per cent higher, led mainly by the CCR and RCR which recorded increases of 3.7 per cent and 3 per cent respectively.

    Resale prices in the OCR were up only 0.8 per cent in June from the same period last year.

    From the peak in January 2014, overall resale prices were still down 4.4 per cent.

    An estimated 1,065 non-landed resale units were transacted in June, a 12.5 per cent decrease from the estimated figure in May. But resale volumes surged 51.1 per cent from a year ago, SRX Property figures show.

    The gradual uptrend in resale prices seems to have started since last November, based on SRX Property's resale price index.

    Still, Edmund Tie & Company head of research Lee Nai Jia observed that price movements tend to be uneven depending on the location of the property and the development.

    Based on the transactions from URA Realis, properties in choice locations or those near new launches saw higher resale volumes and prices, he said.

    "Overall, I think the market is on track to bottom out by the end of the year and we anticipate the prices of residential properties to go on an upward trajectory in 2018, barring any economic shocks," Dr Lee added. "The pending launch of Martin Residences is likely to push up prices in CCR and we may see more activity subsequently."

    More than 2,000 visitors were said to have thronged the sales gallery of GuocoLand's 450-unit development Martin Modern at Martin Place over the weekend when it first opened for viewing. It is slated for launch on July 22 with an average price of S$2,300 per square foot.

    ZACD Group head of research and consultancy Nicholas Mak noted that based on SRX Property data, the CCR seemed to be leading the recovery in private residential resale prices.

    If the current positive market sentiment is the main catalyst for the resale price recovery, the regional sub-indices still have some room for growth, he said.

    The average monthly resale volume from March to June also increased by a significant 66 per cent compared to the average monthly resale volume from June 2016 to February 2017, Mr Mak said.

    This recovery seems to be spurred by the tweaking of some cooling measures announced by the government in March, Mr Mak said. "Hence, it is not surprising that the government recently announced that there is no plan for further relaxation of the property curbs."

Similar Threads

  1. HDB resale prices hit new record high after rising 8.9% this year: Flash data
    By New Reporter in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 02-10-21, 14:59
  2. Singapore condo resale volumes pick up, prices hold steady in June: SRX
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 0
    -: 16-07-20, 15:23
  3. Singapore condo resale prices down 0.4% in June, break 4-month uptrend: SRX flash dat
    By reporter2 in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 10-07-19, 08:49
  4. HDB resale volumes in April hit 3-year high as prices stabilise
    By reporter2 in forum HDB, EC, commercial and industrial property discussion
    Replies: 0
    -: 06-05-16, 17:55
  5. Prime resale condo prices hit new high
    By mr funny in forum Singapore Private Condominium Property Discussion and News
    Replies: 1
    -: 25-06-10, 16:28

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •