For the resale private property market, condominiums in the suburbs seem to be faring better than those in the city fringe and city centre. While prices of city fringe and city centre apartments fell 1.2 and 1.1 per cent respectively last month, suburban resale properties rose 0.5 per cent. The sales volume also remained the same as November despite the expected lull due to the festive season.
Buyers are sharpening their skills at spotting good deals, and are going for units which will benefit them the most in terms of location and future value appreciation. Some buyers have even managed to secure purchases at $10,000 less than the market value of earlier transactions in the same development.
What are buyers looking for now? With the property cooling measures in place, the final selling price tag, including taxes and duties, makes or breaks the deal. Buyers are looking for lower price quantums, good locations and potential for future development in the district. Most HDB upgraders are also most likely to search for these suburban homes to stay close to their previous homes.
As 2015 moves along, and more homes become ready for occupation, will the interest for resale properties in the suburbs continue to burn brightly? Or will the spark wane and the market focus shift to other sectors?