Private home prices fell slightly in July

The story repeats itself – the rise and fall of property prices. Falling resale private home prices, but only slightly. A slower rate of decline following 2 months of increase in May and June.

Property analysts are not too concerned about the 0.5% dip in resale private home prices as the total resale volume is still 20.1% higher than the same month last year and 2.2% higher than that in January this year. The 952 resale private non-landed homes sold in July were however 9.7% lower than the 1,054 that changed hands in June.

Resale homes in the central region fell the furthest at 1.9% though prices in the core central region increased 4.8%. While prices are still 5% lower than the market’s peak in January 2014, the difference is not drastic and the market is still sustainable in spite of it.

Martin Modern

Prices of homes in the central region are likely to continue to rise as shown in the strong performance of the luxury apartments such as Martin Modern which sold 90 units during its launch. Similarly, at the Le Quest mixed-use development in Bukit Batok, the response from buyers were strong with units selling at an average selling price of $1,280 psf. New homes have been particularly well-received and in high demand with 6,500 units sold in the first half of the year alone, a whopping 72% increase from the same time period last year.