August’s private home sales bullish

Private home sales rose by a whopping 165% last month in a year-on-year comparison with 2016. This is despite there being only one new launch in August.

Le Quest Property Model

More signs seem to signify market recovery

Le Quest condominium in Bukit Batok was the only new property launched last month. No executive condominiums (EC) were launched during this time but 340 existing EC units were sold. Unsold inventory from previous launches are gradually diminishing. And it seems like the market has had a good run in the last quarter or so.

A total of 1,581 private homes and ECS were sold in August this year. That is almost a 100% rise from last year though lower than the 2,091 units sold in July. Property analysts consider this a positive sign as this is the most active the market has been since 2014 when mortgage restrictions dampened market sentiments. About 85.3% of the buyers were Singaporeans.

Property-buying momentum likely to continue

Many buyers are fervently scanning the market for good deals as they believe property prices may rise next year due to the recent hash of aggressive land bids. Last month’s top seller was Le Quest by Qingjian Realty. 286 units were sold at the median price of $1,309 psf. With the seventh month ending soon, sales numbers could very well pick up further in September or October.

Private home sales is expected to cross the 12,000-units mark by the end of 2017.