While prices of resale HDB have fallen in April, that of private homes have risen. Resale condominium prices rose 0.6% last month. But sales volume has dipped 1.7%.
Number of transactions fell over March
Fewer buyers were taking the plunge last month as reflected in the sales volume. About 1,360 non-landed private homes sold last month, down from the 1,383 units sold in March. Could this have been due to the increasing prices? Though market recovery in the private sector is well on its way, buyers and sellers or developers have yet to find the sweet spot where both sides can fully benefit.
For now, developers are still testing the waters by raising selling prices. And while the buyers are still biting, this may continue on for awhile.
Non-landed private resale home prices rose 5.4% within the first 4 months of this year, up 9.5% higher than the same month last year. In the core central region, prices rose 9.2% from April 2017 while prices of private homes in the rest of the central region climbed 12.6%. The latter has reached its highest since April last year. In the out of the central region, prices were up 7.3%
Resale volume up 26.9% from April 2017
On a happier note, however, resale volume did rise 26.9% over the last year. The median price buyers were ready to fork out above market values stood at $20,000. The same was recorded the month before in March.
City fringe properties in district 11 had buyers paying up a median of $89,000 above market value. In district 27, buyers paid $15,000 below market value. The former consists of Watten Estate, Novena, and Thomson. The latter includes Yishun and Sembawang.