reporter2
17-05-19, 22:07
Singapore condo resale prices up 0.9% in April: SRX
Wed, May 15, 2019
RESALE prices for non-landed private residential units rose 0.9 per cent in April 2019, for a third straight month-on-month rise, according to SRX flash estimates on Tuesday.
For the first four months of the year, non-landed resale prices were up about 2 per cent, according to data from the real estate portal.
Year-on-year, resale prices were up 3.6 per cent, with the core central region, rest of central region and outside central region recording increases of 3.1 per cent, 2.4 per cent and 4.5 per cent, respectively.
Volume, however, remained "well below" 2018's, with the number of units resold in April falling 48.4 per cent year-on-year to 830 units. However, this was 3.4 per cent higher than March's 803 resale units, and was the highest volume since the latest property cooling measures were implemented in July last year.
Nicholas Mak, the executive director of ZACD Group, said April's volume was within expectations and was likely below April 2018's numbers due to cooling measures introduced in July 2018.
New and upcoming property launches could have also "excited" the resale market and drove the gradual increase in price, he added.
OrangeTee & Tie research and consultancy head Christine Sun said price increases did not deter buyers from purchasing resale homes last month, as volumes had risen. She added that the resale market could have experienced some spillover demand from the primary market.
SRX's overall median transaction over X-value (TOX) was positive S$10,000 in April, the highest since October 2018. TOX had increased by S$14,000, compared with negative S$4,000 TOX for the previous month.
TOX measures how much a buyer is overpaying or underpaying for a property based on SRX Property's computer-generated market value.
Among districts with more than 10 resale transactions, District 2's Anson and Tanjong Pagar posted the highest median TOX of positive S$50,000. Meanwhile the lowest median TOX went to District 4's Telok Blangah and Harbourfront with negative S$34,000.
"Taking the cue from nearby project launches, some sellers could have raised their asking prices," Ms Sun said. This includes new projects such as Marina One Residences and Wallich Residence which were launched in District 1 and 2.
Wed, May 15, 2019
RESALE prices for non-landed private residential units rose 0.9 per cent in April 2019, for a third straight month-on-month rise, according to SRX flash estimates on Tuesday.
For the first four months of the year, non-landed resale prices were up about 2 per cent, according to data from the real estate portal.
Year-on-year, resale prices were up 3.6 per cent, with the core central region, rest of central region and outside central region recording increases of 3.1 per cent, 2.4 per cent and 4.5 per cent, respectively.
Volume, however, remained "well below" 2018's, with the number of units resold in April falling 48.4 per cent year-on-year to 830 units. However, this was 3.4 per cent higher than March's 803 resale units, and was the highest volume since the latest property cooling measures were implemented in July last year.
Nicholas Mak, the executive director of ZACD Group, said April's volume was within expectations and was likely below April 2018's numbers due to cooling measures introduced in July 2018.
New and upcoming property launches could have also "excited" the resale market and drove the gradual increase in price, he added.
OrangeTee & Tie research and consultancy head Christine Sun said price increases did not deter buyers from purchasing resale homes last month, as volumes had risen. She added that the resale market could have experienced some spillover demand from the primary market.
SRX's overall median transaction over X-value (TOX) was positive S$10,000 in April, the highest since October 2018. TOX had increased by S$14,000, compared with negative S$4,000 TOX for the previous month.
TOX measures how much a buyer is overpaying or underpaying for a property based on SRX Property's computer-generated market value.
Among districts with more than 10 resale transactions, District 2's Anson and Tanjong Pagar posted the highest median TOX of positive S$50,000. Meanwhile the lowest median TOX went to District 4's Telok Blangah and Harbourfront with negative S$34,000.
"Taking the cue from nearby project launches, some sellers could have raised their asking prices," Ms Sun said. This includes new projects such as Marina One Residences and Wallich Residence which were launched in District 1 and 2.