Properties to be sold above $1,000psf

Of the total 1,196 private residential units sold in February, 53.3% exceeded $1,000psf, and the trend is expected to continue over the next few months.

"The median prices for the mass market properties are also likely to breach the $1,000psf mark," said a PropNex statement, adding the project The Vision saw all 100 units launched during its Phase 1 sold at $1,000–$1,200psf.

PropNex CEO Mr Mohamed Ismail said, "The middle to high-end markets may have seen a decline in their figures, but there is still movement in those markets," referring to the 150 units sold at Altez and the 82 units sold at Waterscape At Cavenagh for median prices of $1,817psf and $1,877psf respectively.

Given the expected buoyancy in prices of private residential properties, Mr Ismail advises prospective buyers to buy now but only within their means.