In October, condo resale volumes fell 11.6%, but price growth slowed: SRX, 99.co

Nov 08, 2022

After a minor increase in September, the number of condominium resale transactions fell 11.6 percent in October. Prices, on the other hand, rose for the 27th straight month, but at a slower pace than a month prior.

According to SRX and 99.co flash numbers issued on Tuesday (Nov 8), an estimated 1,240 resale condo units changed hands in October, compared to 1,402 units transferred the previous month.

Resale volumes were down 24.2% year on year, but 0.7% higher than the five-year average for the month of October.

The outside central region (OCR) accounted for 61.1 percent of all resale transactions, followed by the rest of the central region (RCR) at 23% and the core central region (CCR) at 15.9 percent.

In October, resale prices rose 0.3% month on month, with the CCR showing a 1.1% reduction in the price index, while the RCR and OCR both grew by 0.6%.

Overall, prices are still 10.5% higher year on year, with price rises in all regions. The OCR, RCR, and CCR all increased by 12.3%, 9.9%, and 5.7%, respectively.

The most expensive resale apartment sold in the month was at 3 Orchard By-The-Park for roughly S$13 million. The highest transaction price in the RCR was S$12.5 million for a unit at Reflections at Keppel Bay, and S$5.4 million for a unit at The Hacienda in the OCR.

The overall median capital gain for resale condos in October 2022 was S$305,981, a S$14,819 decrease from September. The median capital gain in District 21 (Clementi Park and Upper Bukit Timah) was S$688,056, whereas the median capital gain in District 12 (Balestier and Toa Payoh) was S$156,500.

In the month, the overall median unlevered return for resale condos was 27.2 percent, with District 21 earning the greatest median unlevered return at 52.7 percent.

The capital gains and returns of a condo resale unit are calculated by comparing the current transacted price with the previous transacted price of the same unit in SRX and 99.co. The ranking excludes districts with fewer than ten matching transactions.