Prices of resale non-landed properties fell again last month, this time by 0.4%.
This is the third consecutive month prices have fallen. It fell 0.5% in September and 0.2% in August. Analysts are attributing the slide to July’s implementation of property cooling measures.
Third consecutive month prices have fallen since July’s property curbs
Sales volume of resale non-landed properties also fell last month, down 53% from the same month last year.
703 units were sold last month, less than half of the 1,497 units sold in October last year. Buying activity has taken a hit as the markets struggled slightly in coming to term with July’s major changes.
The buyers who were buying were, however, paying more above the average median price.
The average above-median price in August was $1,000 and it has quadrupled to $4,000 in October which was similar to July’s figures Despite a rise last month, the $4,000 buyers were ready to fork out above the median selling price was still a 76%% drop from the $17,000 in June.
Resales market performed better in some districts
Some of the districts further from the city centre fared better than those in the city fringes or popular mature estates.
Prices in these districts could have more breadth for growth in comparison with that in the more mature districts where price-saturations may be imminent.
The mature estates of Toa Payoh and Serangoon, Bishan and Ang Mo Kio posted the lowest figures with buyers only willing to pay an average of $49,000 of the former two estates and $20,000 of the latter two estates, $ less than the market price.\
Are sellers being non-realistic with their prices here?
Buyers may have been given a rude shock in July but are slowly returning to the market as the months go by. While the rebound may not be quick, a recovery seems to be happening slowly.