Fewer resale condominium units were sold last month while prices of these properties rose slightly at 0.2%.
Slight rise in resale private condominium prices after lukewarm August
743 resale condominium units were sold last month, down 1.5% from August. While overall resale prices rose 0.2%, transaction volume fell for the second consecutive month following the 13.6% decline in August. Analysts are however hopeful for a fairly steady transaction volume this year. The decline in August could also be partly attributed to the Hungry Ghost Month where buyers are less likely to look for or acquire properties.
Another reason for the lull of the past 2 months could be the increased availability of new units in the market. There was an increase in the number of new launches last month, drawing buyers’ attention away from the resale market.
New launches last month captured buyers’ attention
Despite the dip in transaction volume, September’s resale volumes were still 8.5% higher than the same month in 2018. Overall, the number of transactions in the resale condominium market has increased since Q3 of last year after the cooling measures were implemented.
Majority of last month’s resale condominium sales were in the suburbs. 53.1% of the transactions were from these regions while units in the city fringes made up 28.2% of the sales and 18.7% came from units in the core central region. Some of the more notable new launches last month were from Avenue South Residences, Cuscaden Reserve and [email protected]
Some of the most expensive resale condominiums sold were a unit at TwentyOne Angullia Park and another at 3 Orchard-By-The-Park. Both are in the core central region and both sold for $32 million.