Singapore resale condo prices edge up in September 2019

Prices across all regions in Singapore experienced a surge.

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Resale prices for non-landed private homes in Singapore have surged slightly in the month of September after a ‘lukewarm’ August.

Overall prices of resale condominiums in Singapore have also risen by 0.8 percent in September 2019 year-on-year and 0.2 percent month-on-month (from August).

In fact, resale condo prices across all regions in Singapore experienced a surge.

Prices in the core central region (CCR) have posted the biggest gain of 1.8 percent, while prices in the city fringe or rest of core central region (RCR) and outside central region (OCR) have also increased by 0.2 percent and 0.6 percent respectively.

According to 3Q 2019 flash estimates from the Urban Redevelopment Authority (URA), prices non-landed private residential properties rose for the 2nd straight quarter – by 1.7 percent (quarter-on-quarter).

In contrast, data from SRX Property has shown that the resale private home index has fallen by 0.6 percent quarter-on-quarter.

Analysts believe that this could be due to the decoupling of home prices in both the primary (new launch) and secondary (resale condo) markets. The overall price gain in the private residential property market is likely to be influenced by the rising prices in the primary market.

They added that this trend could continue into the year 2020 as more private residential projects will be launched at even higher prices.

Despite the price increase, the overall sales volume has inched downwards.

According to data from SRX, only 743 private homes were resold in September – down by 1.5 percent from the 754 units which changed hands in August.

This is, in fact, the 2nd consecutive month of decline in sales volume, following a 13.6 percent fall – which was mainly due to the yearly Hungry Ghost Festival (between 01 August to 29 August).

Market watchers have pointed out that more private home projects were launched after the Hungry Ghost Festival, such as Avenue South Residence, Meyer Mansion, and Parc Clematis, etc.

It was noted that the resale volumes in September 2019 are still higher year-on-year, by 8.5 percent.