September’s private resale condominium figures have broken a 12-month run of price increments. Resale prices of private non-landed homes fell last month by 0.2%.
July’s property cooling curbs affect property prices
Prices of resale condominiums fell 0.5% in July after the announcement of the property curbs. While it may have shaken the market slightly, as shown in last month’s price decline, the overall prices are still 10.8% higher than last September’s.
Resale non-landed properties in the suburban areas fared the best, with prices rising 0.5%. Prices of the same in the central and city fringe districts, however, fell 0.8%.
Are buyers finding it more favourable to invest in properties outside of the central areas? Are properties here priced more affordable in terms of each unit’s total quantum?
District 9 (Orchard, River Valley) and Upper Bukit Timah saw the most number of buyers paying $20,000 above the average market prices.
Number of resale condominiums sold also fell
September’s market decline is the second consecutive month falling numbers have been recorded.
Only 702 non-landed private homes exchanged hands last month, down 0.7% from the 707 sold in August and 44.3% lower than last September’s 1,26o units.
The Hungry Ghost Festival which fell during September meant the market was a little more quiet than usual last month. In the months ahead, buyers may continue to adopt a watch-and-wait behaviour as they wait for prices to fall.
The number of transactions may, however, remain low as the upcoming holiday season may mean fewer buyers will make a large commitment during the last few months of the year.