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SPW Insights

Condo resale prices up 1% in Jan 2018: SRX

Resale prices of condominiums and private apartments continued to appreciate month-on-month and at a faster pace, according to the latest flash estimates from real estate portal SRX Property on Tuesday.

Posted on 14-Feb-2018

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Condo resale prices up 1% in Jan 2018: SRX

Resale prices of condominiums and private apartments continued to appreciate month-on-month and at a faster pace, according to the latest flash estimates from real estate portal SRX Property on Tuesday.

The values of non-landed private homes rose 1 per cent in January 2018 from December 2017. This compares to the 0.3 per cent rise in December, revised down from SRX's initial estimate of a 0.4 per cent increase.

The recent trend of island-wide increases was sustained: The core central region (CCR) was up 1.2 per cent month-on-month; with the rest of the central region (RCR) advancing 1.4 per cent; and the outside central region (OCR) rising 0.6 per cent.

Year-on-year, resale prices of condos and private apartments climbed 6.3 per cent in January from the year-ago period, and are now just 1.2 per cent off from the last peak in January 2014, SRX figures show.

According to SRX Property, an estimated 1,097 non-landed private residential units were resold in January 2018, a 15.1 per cent increase from the 953 units resold in December.

Year-on-year, resale volume last month was 99.8 per cent higher compared to the 549 units resold in January 2017.

SRX data shows that prices of resale condos and apartments have appreciated 6.1 per cent for all of 2017.

Meanwhile, official government figures show that private home prices - both new and resale - rose 1.1 per cent last year, ending a near four-year decline, led by non-landed units rising 1.3 per cent.

Analysts have said the en bloc sale fever has likely pushed up resale private residential prices and transactions, as cashed-out owners look for replacement homes. The steady upturn in the Singapore economy and job market, plus the government's tweak of its seller's stamp duty in March last year, also helped the overall market's recovery.

Click here to go to Singapore Property Watch

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