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%.
Sky Terrace @ Dawson. Picture: iProperty
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?
Robertson Quay, River Valley. Picture: iProperty
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.
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