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Thread: Resale private flat prices up; bigger homes in demand

  1. #1
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    Default Resale private flat prices up; bigger homes in demand

    http://www.straitstimes.com/archive/...emand-20121129

    Resale private flat prices up; bigger homes in demand

    Published on Nov 29, 2012

    By Cheryl Lim


    PRICES of resale private flats rose 1 per cent last month, fuelled by demand for suburban apartments, according to flash figures from the Singapore Residential Price Index (SRPI) yesterday.

    Resale prices of suburban homes also climbed 1 per cent in October, the same increase recorded in September.

    Apartment prices in the central region rose 0.9 per cent last month, following growth of 1 per cent in September.

    Shoebox flats - those less than 500 sq ft - were up 0.6 per cent last month compared with September's 2 per cent price increase.

    Property analysts said bigger homes dominate the resale market.

    Shoebox homes make up a smaller percentage of the overall resale market as they are a relatively new property category.

    Experts added that the higher prices for new homes mean that more buyers are looking at resale properties as a more viable option.

    These factors suggest that the price slowdown for shoebox homes is to be expected, said Mr Alan Cheong, Savills Singapore's head of research, especially given the higher demand for bigger apartments.

    R'ST Research director Ong Kah Seng said prices of resale private units in suburban areas are likely to record marginal increases over the next few months as they continue to appeal to HDB owners as cheaper alternatives to new private homes.

    The statistics, compiled by the National University of Singapore (NUS), track a basket of completed non-landed projects.

    NUS also released a research note that said cooling measures had a short-term effect on home prices but they have reduced volatility.

    Associate Professor Lum Sau Kim of NUS' Institute of Real Estate Studies said: "The cooling measures sought to correct the demand-supply imbalance in the housing market as well as reduce speculative activity.

    "Policy levers that act on the demand side... work almost immediately... (by impairing) the financial incentives of short-term plays and encouraged greater prudence."

    Prof Lum added that prevailing market conditions have resulted in a combination of longer- horizon buyers and financially strong sellers.

    This in turn has led to a market that is less frothy, where demand fundamentals underpin price levels.

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  2. #2
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    Resale units do offer a generally bigger live in space than its newer counterparts.

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