by OrangeTee & Tie Pte Ltd.

Condo resale prices rise for 23rd straight month in June, volume falls 17.2%

SRX Private Residential Data

Singapore, 13 Jul 2022

Based on the flash figures released on Wednesday, July 13, from 99.co and SRX, as compared to May's 0.3 per cent rise, last month's condo resale prices grew at a quicker pace of 0.8 per cent. and when compared with June 2021, prices rose by 9.4 per cent.

Concerns about global economic uncertainties and interest rate hikes may have also contributed to slower sales, said OrangeTee & Tie senior vice-president of research and analytics Christine Sun. She noted that condo prices in the suburbs rose the quickest, at 4.7 per cent over the past six months, and 10.9 per cent over the past year.

Ms Sun said Housing Board upgraders may have chosen to buy resale condos in the suburbs as homes there tend to be cheaper. There has also been a lack of new condo launches there, pushing buyers to the resale market. "The strong demand from HDB upgraders may have contributed to the steep price increase in the suburbs over the past year," she added.

Ms Sun said prices of resale condos in the suburbs may hold firm as demand may continue to outstrip supply this year.

Prices of such condos are also likely to be supported with the launch of two new condos - AMO Residence and Lentor Modern in Ang Mo Kio - which are expected to set new benchmark prices in their locales, she said. "Some sellers may raise their asking prices given the higher selling prices of these two new condos," she added.

Ms Sun expects resale prices to rise by 6 per cent to 8 per cent over the rest of the year.

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