Condo resale prices up 0.3% in Oct; fewer units sold following latest cooling measures

by Albert02

Condo resale prices up 0.3% in Oct; fewer units sold following latest cooling measures

Condo resale prices up 0.3% in Oct; fewer units sold following latest cooling measures. Prices for resale condominium units rose more slowly in October, with fewer units changing hands as a result of the newest property cooling measures.

According to flash numbers issued on Tuesday by real estate portals 99.co and SRX, condo resale prices increased by 0.3% compared to September’s 1% increase. This is the 27th consecutive month of growth. It was the slowest rate of growth since June 2021, when prices remained flat from the previous month. However, compared to October of last year, prices were up 10.5%, with those in the suburbs jumping the most at 12.3%, according to data.

Meanwhile, resale volume declined by 11.6 percent in October, with an estimated 1,240 units changing hands, down from 1,402 in September. When compared to October of last year, resale volume fell by 24.2%. Property analysts ascribed the drop to the market’s reaction to the September property cooling measures, which tightened house loans. According to OrangeTee & Tie CEO Steven Tan, the drop in volume could be due to the new 15-month wait time for private home owners under 55 who seek to buy Housing Board resale flats after selling their private residences. “They may have put off selling since the expense of renting in the interim will be pretty significant,” he said.

According to Mr Tan, demand from HDB upgraders may be muted in the short term as the HDB resale market slows and owners wait longer to sell their homes. PropNex Realty head of research Wong Siew Ying stated that the supply of resale condos remained limited, as evidenced by the firm’s property agents. “Given the healthy leasing demand and rental upside, many condo owners prefer to lease out their units rather than sell in a landlord’s market.” Furthermore, many home owners’ financial positions are still generally healthy, and there is no urgency to sell their properties,” she said.

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Source: https://www.straitstimes.com/business/property/condo-resale-prices-rise-03-in-oct-fewer-units-sold-following-latest-cooling-measures


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