The year seems to be looking up for the resale private property market as prices inched up in January by 0.6 per cent. Despite a 7.2 per cent difference from the 2014 peak, the signs could be promising as there has been a corresponding increase throughout the core central region, city fringes and also in the suburbs.
Photo: Parkview Eclat apartments on Grange road
The largest price increase of 1 per cent was centred around the core central region. Depending on the price trends of prime properties in regional gateway cities, Singapore’s prime and luxury property sector may fluctuate, especially when price differences become too apparent. City fringe and suburban resale private property prices rose 0.1 and 0.8 per cent respectively, but some analysts are projecting a downward trend this year with competition from completed new properties.
Resale volume has yet to increase significantly, but should it do so, with the global economic situation, interest rate hikes, property cooling measures thrown into the mix, the market might be looking more at a price stabilisation rather than a sharp rebound. As the year has just begun, January’s figures are not representative of the year ahead. No doubt, the first quarterly figures will be watched keenly by market players, buyers, sellers and investors alike.