Chart of the Day: Condos priced below $1m dominates OCR resales in Q3

Buyers were able to purchase bigger units in the resale market compared to the new sale market.

This chart from EDMUND TIE shows that condo resales in the Outer Central Region (OCR) were priced below $1m, as the location and price allowed buyers to purchase units of between 1,000 sqft to 1,500 sqft.

In comparison, the same price would only fetch a 700 to 1,000 sqft unit in the new sale market.

There was also an increase in proportion of units in the Core Central Region (CCR) that were priced above $2m. Most of such units were transactions from newer developments that have obtained the Certificate of Statutory Completion such as South Beach Residences and Nouvel 18, noted Edmund Tie. Transaction prices for Nouvel 18 exceeded $3m and unit prices ranged from $3,231 to $3,867 psf.

Island-wide condo resale volumes fell 8.5% QoQ to 1,855 units in Q3, reversing the 22% QoQ expansion in Q2.