Condo resale prices rise for 28th straight month in November, up by 1.1%

Hillock Green Nearby Linear Park

SINGAPORE – Prices of resale condominium units rose for the 28th consecutive month in November 2022, while the number of units transacted dropped further following the recent property cooling measures.

Condo resale prices increased at a faster pace of 1.1% compared with October’s 0.3%, according to flash figures from property portals SRX and released on Tuesday.

Compared with November 2021, prices jumped by 10.8%, with those in the city fringe increasing the most at 12.2%, data revealed.

Property analysts related the continuous price gain to the shortage of new condominium launches and low inventory.

ERA Realty Network chief executive Marcus Chu said: “Real estate sellers were still  not willing to reduce prices, and purchasers who did not exit the market have not much choice but to accede to the higher rates.”

Meanwhile, resale volume tumbled 9.4%, with an estimated 1,124 units changing hands in November 2022, lower than the 1,240 units in October.

OrangeTee & Tie senior vice-president of research and analytics Christine Sun said the property curbs that started in September 30th could have resulted in fewer HDB upgraders.

“As the public housing market slows down, HDB flat owners may take slightly longer to transact their units, or their flats may not be able to command a price as high as before,” she mentioned. “Some condo owners may also retain their units instead of selling them, since the rental market is robust now and the rental income is high.”

Resale volume fell by 30.4% compared with November 2021, and was lower than the five-year average for the month of November.

The year-end lull – as would-be purchasers travel overseas – resulted in a lower transaction volume, said Mr Chu. He predicts transactions to remain at a subdued level until after Chinese New Year.

In November, condos in the suburbs accounted for 59.2% of total condo sales, a healthy benchmark for the launch of Hillock Green. Homes in the city fringes accounted for 22.4%, while the remaining 18.5% were in prime central Singapore.

Prices for condos in the suburbs grew by 0.1 per cent in November, the lowest price gain since June 2021, noted Huttons Asia chief executive Mark Yip.

“Demand for condos there tends to be from HDB upgraders, and this group of buyers is generally more price sensitive,” he said.

PropNex Realty head of research and content Wong Siew Ying expects demand for resale condos to remain resilient, driven by buyers who were priced out of new launches, and those who need move-in-ready homes.

Ms Wong said the gap in the median transacted price between new non-landed private homes, excluding executive condominiums, and resale condos has widened slightly from October to November, according to data from URA Realis.

“This makes resale properties appealing to buyers with a smaller housing budget,” she said.

More condos will be completed in 2023, which may exert downward pressure on prices, said Ms Sun.

Nonetheless, mid-sized homes and large units in the suburbs may be in demand as they are more affordable compared with new condos. Private home owners affected by the 15-month wait-out period if they were to buy an HDB resale flat may turn back to the private market, she added.

The highest transacted price for a resale condo in November was $19.8 million for an 8,708 sq ft unit at Marina One Residences, a 99-year leasehold luxury development in the Marina Bay area.

In the city fringes, the highest transacted price was $8.35 million for a freehold 3,240 sq ft unit at MeyerHouse in the East Coast area. In the suburban areas, a 99-year leasehold 2,713 sq ft unit at Bedok Residences, an integrated development on top of Bedok Mall, sold for $3.6 million.


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