21-months Price Rise for Resale Condo, up 0.7% in April

by Albert02

21-months Price Rise for Resale Condo, up 0.7% in April

21-months Price Rise for Resale Condo, up 0.7% in April. Compared to March prices, Singapore’s April condo resale prices rose 0.7% for the 21st consecutive month. According to a flash report from SRX Property and 99.co on Tuesday (May 10), condo resale prices rose 9 per cent year-on-year, with price increases across all regions. Resale prices rose the most in the OCR region, at 10.8%. Prices in the Core Central Region (CCR) increased by 7.4% and in the Rest of Central Region (RCR) by 6.7%.

Meanwhile, resale volumes fell 2.2% compared to March 2022, with an estimated 1,368 units resold in April. Sales were also down 31.3% compared to April 2021, but still above the 5-year average for April.  More than half of the transaction volume, or 56.3%, came from OCR. CCR accounted for 15.9% of the total and RCR accounted for 27.8%. Property analysts noted that strong demand could herald a rebound in the condo resale market following the immediate impact of property cooling measures that kicked in in December.  Christine Sun, senior vice president of research and analysis at OrangeTee & Tie, said that while April’s volumes were down from March, they were still well above January’s 1,137 units and February’s 979 units.  “Also, with prices rising for 21 consecutive months, demand can be considered stable,” Sun said.

Nicholas Mak, head of research and consultancy at ERA Realty Network, expects the launch of new apartments could also boost resale prices, as some are expected to launch in their neighbourhoods at record prices in the coming months. One such new apartments in the near future is Lentor Modern. Resale units at The Orchard Residences topped out at S$10.3 million per month, according to data from SRX and 99.co.  In the RCR, a unit at Silversea in Marine Parade is S$9.5 million. Meanwhile, in OCR, a unit at The Parc Condominium on West Coast Walk was resold for up to S$3.3 million.  99.co and SRX reported average total capital gains of S$250,000 in April, up S$12,000 from the previous month. District 11 (Newton and Novena) had the highest median capital gain at S$513,000, while District 4 (Sentosa and Waterfront) was the only district with a median capital loss of S$9,900, compared with Same in March.

99.co and SRX calculate the capital gain or loss of a condo by comparing the current transaction price with the previous transaction price of the same unit. Capital gains data only includes counties with more than 10 matching transactions. Looking ahead, analysts expect the return of foreigners to Singapore could further boost housing demand, although the market could face some headwinds from macro concerns such as rising inflation.

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