Buyers, it seems, are slowly realising that property prices are not likely to fall any further, and are making their way back into the market once more. Both in the private property and HDB resale flat sectors, sales are picking up and the year might just close on a happy note.
Photo: Trilive condominium
Resale private properties in particular are faring well, as they one up on newer launches in terms of price per unit of floor area. They are usually larger in size and while may not be cheaper in terms of the total quantum price, buyers consider them better value for money in the long run especially as more buyers of resale units are now owner-occupiers rather than investors. The latter often prefer smaller units in newer launches as they come at a lower overall selling price, though rental competition may prove tough in the market ahead.
More buyers now hunt for residential units near their workplace or schools and are less adverse to living in the suburbs, especially around a strong regional centre such as Jurong, Tampines or Woodlands.
In the resale HDB flat front, transaction numbers are up 10 per cent from last year. Property analysts are expecting up to 19,000 transactions of HDB flats this year alone. Prices of resale flats are unlikely to fall any further in 2016, and may even pick up a little as demand returns.