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Thread: Private resale home prices continue inching upwards

  1. #1
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    Default Private resale home prices continue inching upwards

    http://www.straitstimes.com/Money/St...ry_816334.html

    Private resale home prices continue inching upwards

    Published on Jun 29, 2012

    By Amanda Tan


    PRICES of private resale homes nudged higher again in May, maintaining a trend of recent months.

    Overall, prices gained 1.5 per cent last month, buoyed by price rises of homes islandwide.

    High-end homes in the central area inched up 0.8 per cent while mass market ones rose a stronger 2.2 per cent.

    Prices of tiny shoebox units - about 500 sq ft or smaller - moved up 0.9 per cent in May, after dipping 0.8 per cent the month before.

    The flash figures released yesterday in the Singapore Residential Price Index were 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. It excludes executive condos, a public-private housing hybrid.

    Property consultant Ong Kah Seng said that the overall price increase is 'within expectations', as sales activity and interest in resale homes have kept up since a pick-up emerged in March.

    The R'ST Research director noted that the 2.2 per cent rise for non-central homes is partly a result of limited choices from fewer condo launches in May.

    Another factor is improved buyer interest in homes which are attractively priced, like those below $1,000 psf, Mr Ong said.

    'Resale properties are lower-cost options... this attracts practical buyers who can trade off the frills for a lower-cost, well-located, and comparatively spacious resale property with tested investment fundamentals,' he said.

    The price increase for luxury homes in the central area points to sustained recovery momentum in the sector, he said.

    Mr Png Poh Soon, head of research at Knight Frank, said overall resale prices are likely to keep rising for the next one or two months, until the price gap between new and resale homes narrows.

    'Record prices of some new suburban launches had prompted buyers to look again at the resale market which seemed to be a value buy,' he said, adding that demand for resale homes will hold up as long as buyers consider them a better deal than new homes.

    But homes in the central region are likely to see price rises of less than 1 per cent as new high-end properties are not seeing high demand now. 'So if developers start slashing prices, resale units won't be so attractive any more,' Mr Png said.

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  2. #2
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    To Mr B: Don't give up your dream of owning a home and in the meantime, you may want to pray that your landlord doesn't up your rent for the next renewal.

  3. #3
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    Like I said many many times ...

    Property prices will inch upwards between 0.5-1% every month/quarter.

    By 2015, our property prices will go up AT LEAST 15%.

    If you are waiting for the 50% crash by 2015 like what Ah B obsessed over, dont panic, each day, there will be good and bad news, but net net, people will still find Sg properties one of the best place to park their money...

    DKSG

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    A powerful tool the govt can always resort to is the lifting of CM. With 5 CM at their disposal, they can easily calibrate demand just as they have shown their hand in managing supply. Unlike before, the market is well under control.

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    Quote Originally Posted by insigina
    A powerful tool the govt can always resort to is the lifting of CM. With 5 CM at their disposal, they can easily calibrate demand just as they have shown their hand in managing supply. Unlike before, the market is well under control.
    Questions is lifting CM will it benefit ppty owners which are affected SSD or only new homes. Any idea?

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    Quote Originally Posted by bakasa2002
    Questions is lifting CM will it benefit ppty owners which are affected SSD or only new homes. Any idea?
    The point is the govt is in control of demand and supply to a large extent. They now even have another layer as buffer - EC. Run away prices may not occur but don't expect hard landing either.

  7. #7
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    Cm largely affected resale more than new sale. But the issue now is that the disparity between new sale or resale is just too wide, cauaing resale prices to trickle higher.

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    If the intention of the group of highly intelligent people who designs our policies can be so easily interpreted, there will be many more oppositions than we see.

    Many people say CM regulates demand, but IMO they have a very strong impact on supply as well. Once you buy, you are subject to SSD for many years, effectively taking units out of the supply pool for many years. This is just one example, analyse all the CM carefully and you will see more.

    With our Govt in charge you can rest assured that investments are guaranteed to have value, it will neither charge nor crash.

  9. #9
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    Quote Originally Posted by Kelonguni
    If the intention of the group of highly intelligent people who designs our policies can be so easily interpreted, there will be many more oppositions than we see.

    Many people say CM regulates demand, but IMO they have a very strong impact on supply as well. Once you buy, you are subject to SSD for many years, effectively taking units out of the supply pool for many years. This is just one example, analyse all the CM carefully and you will see more.

    With our Govt in charge you can rest assured that investments are guaranteed to have value, it will neither charge nor crash.
    CMs are reactive and small steps so far to test response. The market is developing immunity to the latest one and it is likely to be fully breached by the end of the year. If market goes up strongly, we may see another CM early next year.

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