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Thread: Oct resale home prices dip on supply, curbs

  1. #1
    Join Date
    Oct 2011
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    Default Oct resale home prices dip on supply, curbs

    http://www.businesstimes.com.sg/arch...curbs-20131109

    Published November 09, 2013

    Oct resale home prices dip on supply, curbs

    SRX flash estimates show private home resale price index falling 0.1% and HDB index 1.6%

    By ong chor hao [email protected]


    THE residential resale property market softened in October, with prices falling for both private and public homes, according to a report.

    The flash report released yesterday by the Singapore Real Estate Exchange (SRX) showed the resale price index for non-landed residential private homes dipping 0.1 per cent to 176.2 from September. As for Housing and Development Board (HDB) homes, the resale price index fell 1.6 per cent to 148.

    Analysts cited an increasing or upcoming supply of homes and government measures that tempered demand as the main reasons for the price fall.

    For private homes, an estimated 486 units changed hands last month, a 13.6 per cent improvement from September's 428 units but still more than a 50 per cent drop from a year ago.

    Two of the three market sectors registered declines in resale prices. In the Core Central Region (CCR), prices fell 0.5 per cent in October to 162.9 on the resale price index, reversing from a 4.1 per cent gain the month before. Outside Central Region (OCR), or mass-market homes, fell for the second straight month, with the index losing 1.4 per cent to 177.3. Eugene Lim, key executive officer at ERA Realty, said OCR prices fell the most as more and more homes in the region are becoming completed, which increases competition.

    Prices for the Rest of Central Region (RCR) edged up 0.4 per cent to 175.6 on the index, reversing from a 4 per cent loss the month before. But this "does not indicate the start of increased buyer interest for completed homes in (the) city fringes", said Ong Kah Seng, director at R'ST Research.

    A total debt servicing ratio framework (TDSR) implemented in June has hit demand for RCR homes, as most potential buyers will need a home loan because of their high prices. Further, developers are offering "notable price cuts" for new projects that will draw demand away.

    The private rental market was also hit in October, with transactions down 4 per cent from September to an estimated 2,575 units, while the rental price index fell 1.5 per cent to 128.8 - the lowest level since June last year.

    ERA's Mr Lim said this was related to the increase in OCR homes, as more landlords vie for a limited pool of tenants.

    "Tenants can afford to be more picky," he said.

    Consultants expect resale volume to remain low in the coming months as property and financial measures, and an increasing supply, continue to curb interest.

    But Mr Lim said there is unlikely to be big price drops as interest rates are still low, and that sellers need to "buffer" for an additional buyers' stamp duty (ABSD) and TDSR that curb their buying power when looking for another property.

    Over in the resale HDB market, the prices fell despite improved volumes. An estimated 1,318 HDB flats were sold in October, 26.5 per cent higher than September but still a 20 per cent drop from a year ago.

    Cash over valuation (COV) continued its descent, with the median at $12,000 in October, a 20 per cent drop from the month before. The lowest median for this cash premium was from Punggol, at $5,000. The highest median of $38,000 was from Bukit Merah. These compare with median COVs of $35,000 in January.

    "With COVs continually falling, sellers will resist further lowering prices since more buyers will find resale flats affordable," said Mr Ong from R'ST.

    COVs could stabilise at around $10,000 by the end of the year, both Mr Ong and Mr Lim believe.

    "With lower COVs, lower resale transaction prices are expected. As we see more lower priced transactions, flat valuations will also come down," said Mr Lim, who expects prices to moderate up to the first quarter of 2014.

    The HDB rental market was more stable, with median rents staying at $2,400 per month in October. This was despite the number of HDB flats rented last month increasing 7.7 per cent from September to an estimated 1,506 units.

  2. #2
    Join Date
    May 2012
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    2,429

    Default Demand for new private homes down 19%

    http://www.channelnewsasia.com/news/...medium=twitter

    SINGAPORE: Demand for new private homes in Singapore eased by 19 per cent in October.
    According to data from the Urban Redevelopment Authority (URA), 1,009 units of new homes were sold in October, down from 1,246 units transacted in the previous month.
    The top selling projects during the month were located in the suburban areas.
    They included The Inflora at Flora Drive which sold 388 units, and Nine Residences in Yishun with 96 units sold.

    URA said a total of 716 units of new mass market homes were sold last month.

    The city fringe saw 212 new units sold while 81 units were transacted in the core central region.

    Including Executive Condominiums (EC), 1,108 units of new homes were sold in October, which is down from 1,658 units in September.
    Last edited by princess_morbucks; 15-11-13 at 12:19.

  3. #3
    Join Date
    May 2013
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    60

    Default

    Not too bad still have 4 toto numbers for the month of Sep & Oct...

    I am sure Nov will have 4 figure too due to Alex & DUO...

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