Monday, October 18, 2021
International

Singapore condo resale volumes recover

resale

An estimated 497 units were resold last month, representing a 174.6 per cent increase, or more than double the 181 units resold in May this year

Resale prices of non-landed private homes were stable in June, with sales volume recovering from the previous month, according to flash figures from real estate portal SRX Property on Tuesday.

An estimated 497 units were resold last month, representing a 174.6 per cent increase, or more than double the 181 units resold in May this year.

However, last month’s resale volume is 26.3 per cent lower than in June 2019, and a 40.7 per cent drop from the five-year average volume for the month of June.

Overall, prices last month remained unchanged over May. They were 0.6 per cent lower than in June 2019.

Month on month, prices in the core central region declined 1.8 per cent, and prices in the rest of central region or city fringes fell 1.1 per cent, while prices outside the central region rose 1.4 per cent in June this year.

SRX data also showed that the highest transacted price for a resale unit last month came from an apartment at Skyline @ Orchard Boulevard, which went for $8.76 million (S$12.2 million).

In June, SRX’s overall transaction over X-value (TOX) came in at negative $7,179 (S$10,000), unchanged from May 2020.

TOX measures how much a buyer is overpaying (positive value) or underpaying (negative value) for a property based on SRX’s computer-generated market value. The data includes only districts with more than 10 resale transactions.

District 23 (Dairy Farm, Bukit Panjang, Choa Chu Kang) posted the highest median TOX at positive $3,589 (S$5,000), while District 9 (Orchard, River Valley) recorded the lowest median TOX at negative $57,433 (S$80,000).

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