Condo resale prices up 0.3% in Oct; fewer units sold following latest cooling measures

by Albert02

Condo resale prices up 0.3% in Oct; fewer units sold following latest cooling measures

Condo resale prices up 0.3% in Oct; fewer units sold following latest cooling measures. Prices for resale condominium units climbed at a slower pace in October, with fewer units changing hands as a result of the most recent property cooling measures.

According to flash figures released on Tuesday by real estate portals 99.co and SRX, condo resale prices increased by 0.3% in October, compared to a 1% gain in September. This is the 27th month of growth in a row. It was the slowest rate of expansion since June 2021, when prices remained unchanged from the previous month. However, compared to October of last year, prices were up 10.5%, with those in the suburbs rising the most, at 12.3%.

Meanwhile, resale volume fell 11.6 percent in October, with an estimated 1,240 units traded, down from 1,402 in September. Resale volume declined by 24.2% in October compared to the same month previous year. Analysts attributed the drop to the market’s reaction to the September property cooling measures, which tightened mortgage lending. According to OrangeTee & Tie CEO Steven Tan, the drop in volume could be attributed to the new 15-month wait period for private home owners under 55 who wish to purchase Housing Board resale flats after selling their private residences. “They may have held off selling since the cost of renting in the interim will be quite high,” he speculated.

According to Mr Tan, short-term demand from HDB upgraders may be subdued as the HDB resale market slows and owners wait longer to sell their houses. Wong Siew Ying, PropNex Realty’s head of research, stated that the supply of resale condos remained limited, as evidenced by the firm’s property agents. “Given the healthy leasing demand and rental upside, many condo owners prefer to lease out their units rather than sell in a landlord’s market,” she said. “In addition, many home owners’ financial positions are still generally healthy, and there is no urgency to sell their properties.”

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Source:
https://www.straitstimes.com/business/property/condo-resale-prices-rise-03-in-oct-fewer-units-sold-following-latest-cooling-measures



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