by OrangeTee & Tie Pte Ltd.

Condo resales up as more HDB upgraders priced out by new launch prices

SRX Private Residential Data

Singapore, 11 Oct 2022

SINGAPORE - Condominium resale volumes picked up in September, snapping four straight months of decline as limited new private home stock and escalating new launch prices drove Housing Board upgraders to the resale market. 

Flash data from real estate portals 99.co and SRX released on Oct 11 showed that an estimated 1,331 units changed hands in September, a 1.1 per cent increase from the 1,317 units resold in August, but is down 22.8 per cent from September 2021. 

Condo resale prices maintained their ascent for the 26th straight month, gaining 1.7 per cent in September due to robust demand for suburban private homes - a segment supported largely by HDB upgraders.

"Over the past three months, OCR resale prices rose faster than the rest of the regions by 1.1 per cent in July, 1.3 per cent in August and 2.2 per cent in September," OrangeTee and Tie senior vice-president of research and analytics Christine Sun noted.

Ms Sun sees a temporary pullback from HDB upgraders, in particular, large flat owners who will likely take longer to sell as private home owners must now wait 15 months after the sale of their current home before they can buy a non-subsidised HDB resale flat. 

But the slowdown could be mitigated by private home owners switching to the private resale market and tight new home supply, she added.

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