Condo resale prices eke out 1.7% gain in 2019 as number sold drops 27%: SRX data
SINGAPORE - The resale market for non-landed private homes showed the effects of the 2018 property cooling measures with prices rising just 1.7 per cent in 2019 and transactions sliding by more than a quarter over the previous year, according to flash figures from real estate portal SRX Property on Tuesday (Jan 14).
For December alone, private resale prices finished flat after dipping 0.2 per cent in November.
All areas in Singapore saw small price increases in 2019: the core central region (CCR) or prime districts by 1.5 per cent, the rest of the central region (RCR) or city fringes by 0.6 per cent and the outside of central region (OCR) by 2.3 per cent.
A total of 9,017 resale non-landed private homes were sold last year, 27.4 per cent lower than in 2018, according to SRX figures.
Ms Christine Sun, head of research and consultancy at OrangeTee and Tie, said the stronger sales volume in 2018 was mainly driven by a higher number of homes sold in the first half of 2018, before the cooling measures were implemented in July. Demand for resale homes then remained subdued in the second half of 2018.
She also attributed last year’s lacklustre demand to stiff competition from many new project launches and weaker market sentiment.
Ms Sun said, however, that year-on-year sales volume from August to December has risen, suggesting that the resale market may be slowly recovering.
For December, for example, an estimated 650 units were resold, 15.4 per cent less than November’s 768 units, but 21.5 per cent higher year on year and 15.3 more than the five-year average volume for the month, SRX flash data show.
“Although buying sentiment may continue to recover, competition for buyers will remain stiff given the pipeline of new supply that will be entering the market,” Ms Sun said.
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