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Thread: Resale home prices inch up

  1. #1
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    Default Resale home prices inch up

    http://www.straitstimes.com/Money/St...ry_804138.html

    Resale home prices inch up

    Rise was buoyed by modest rebound in upscale homes in central region

    Published on May 29, 2012

    By Amanda Tan


    PRICES of private resale homes inched up again last month, buoyed by a modest rebound in upscale homes in the central region.

    The 0.8 per cent rise across the resale or secondary market came despite a 1.2 per cent slide in the prices of shoebox units - homes of about 500 sq ft or smaller.

    Resale prices of these tiny homes gained 2.7 per cent in March.

    The wider resale market edged up 0.4 per cent that month.

    The main reason for the slight rise across the market last month was a 1.6 per cent increase in the price of high-end resale units.

    The prices of these homes rose just 0.1 per cent in March.

    However, prices of resale homes outside the central area were flat last month, after rising 0.7 per cent the month before.

    The latest figures released yesterday came from the Singapore Residential Price Index compiled by the National University of Singapore's Institute of Real Estate Studies.

    The monthly report measures a basket of non-landed completed private units and condominiums, excluding executive condos - a public-private housing hybrid.

    Property consultant Ong Kah Seng said the marginal overall price rise was within expectations.

    But even as sales activity and buyer interest for resale homes are 'fairly positive', they are not overwhelming, the director at R'ST Research said.

    Mr Ong said that the jump in prices in the central region was also within expectations as the segment has seen 'more laggard recovery, and was considerably affected in the aftermath of the additional buyer's stamp duty'.

    Mr Colin Tan, research head at Chesterton Suntec International, added that the rise could be due to a bullish April, when market sentiment was 'quite good', and a few projects were launched in prime areas.

    But buyers in the non-central region appear to be price-cautious, especially since home prices - including those for resale units - are already high.

    'Such buyers do not relent to price increases, taking into consideration the limited investment potential of such homes and abundant choices in new projects,' Mr Ong noted.

    Looking ahead, he expects the private non-landed resale market to see sustained moderate activity, leading to slight price rises.

    '(This) is backed by economic stabilisation and the increasing realisation that resale (homes) are cheaper alternatives,' he said.

    Properties in the central region, especially those on the city fringes, are likely to keep attracting improved buying interest, given the minimal launches available.

    However, even resale homes in areas that are not easily accessible could draw interest if the area is slated for rejuvenation or expecting new infrastructure, he said.

    Referring to the figures of recent months, Mr Tan said prices are 'stabilising nicely, with a hint of a downward trend'.

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  2. #2
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    Told you prices will spike upwards due to inflows

  3. #3
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    Quote Originally Posted by pmet
    Told you prices will spike upwards due to inflows
    Key reason is new launches are becoming out of reach, so buyers switch to resale.

  4. #4
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    Quote Originally Posted by hyenergix
    Key reason is new launches are becoming out of reach, so buyers switch to resale.
    You can still find things of good sizes in the 850-950psf range from the resale market. New launches are always testing the 1000psf and beyond level.

  5. #5
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    Quote Originally Posted by pmet
    Told you prices will spike upwards due to inflows
    0. something or 1. something % increase hardly a spike... Barely keeping up with inflation. Maybe no more CMs for now....

  6. #6
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    It should have been a drop, now that's what I call a spike

  7. #7
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    Quote Originally Posted by sh
    0. something or 1. something % increase hardly a spike... Barely keeping up with inflation. Maybe no more CMs for now....
    Its a big spike... 1,6% MoM.... means more than 19% increase annually..... BIG SPIKE!!!!!!

  8. #8
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    Default Demand up in central region for resale units

    http://www.straitstimes.com/Breaking...ry_805341.html

    Demand up in central region for resale units
    221 such private homes were sold last month, a 3% rise from March

    By Amanda Tan

    More home hunters bought private resale homes in Singapore's central region in April, even though prices picked up marginally from the month before.

    In recent months, buyers have tended to shun downtown addresses while suburban launches have been booming.

    But property consultant Ong Kah Seng said 221 resale units were sold in the central areas last month, a healthy 3 per cent rise from March's 215 units.

    Mr Ong, director at R'ST Research, said the figure includes non-landed upper-middle to luxury homes in districts 1 to 4, and 9 to 11. It excludes shoebox apartments, defined as measuring 506 sq ft or smaller.

  9. #9
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    Up up and away! People I spoke to have lamented the difficulty of re-entering the market... sigh!!!

  10. #10
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    Quote Originally Posted by ysyap
    Up up and away! People I spoke to have lamented the difficulty of re-entering the market... sigh!!!
    Ya, personally I have a friend who is also a housing agent, sold his condo and has been renting for >1 year, still looking for good buy while prices has been slowing creeping upwards...

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