CONDO resale volumes surged in July – an increase in sales which analysts attributed to a lower base from the month before due to the school holiday season.
Based on flash estimates from SRX and 99.co released on Monday (Aug 26) about 1,075 units were resold, representing a 32.2 per cent increase from the 813 units transacted in June.
Volumes were 21.7 per cent higher year on year, and 9 per cent higher than the five-year average volume for the month of July.
By region, more than half (51.9 per cent) of the transactions came from Outside Central Region (OCR), about one-third (31.1 per cent) came from the Rest of Central Region (RCR), and 17 per cent were from the Core Central Region (CCR).
Christine Sun, chief researcher and strategist at OrangeTee Group, said the increased demand for private homes may have also been caused by Housing and Development Board (HDB) upgraders.
Noting that some HDB resale transactions had fetched at least a million dollars, Sun said the higher prices at which upgraders sold their flats may have given them the funds to purchase a condo resale unit.
Overall prices were up 0.8 per cent from June, and 5.5 per cent from July 2023.
Month on month, prices in the CCR clocked the biggest increase at 2.8 per cent after four consecutive months of decline since March. Nicholas Mak, chief research officer at mogul.sg, said this is, however, considered a “technical rebound” which “does not signal a robust recovery”.
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