Check out why July home sales rocketed

Units with prices below $1,000 per sq ft are very attractive to homebuyers.

According to Knight Frank, the strong rebound of monthly sales in July 2012 is attributed to a few factors. Firstly, the attractive price points from newly launched projects have drawn home buyers to enter the market. Price-sensitive buyers are typically drawn to projects with sale prices below $1,000 per sq ft, and new projects like Parc Olympia and Parc Centros have seen warm responses with reasonable launch prices at average $820 per sq ft and $950 per sq ft respectively.

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Secondly, the return of home buyers after the June school holidays could result in higher sales transactions. In addition, total units launched for sale increased by 36 per cent to 1,767 units last month, as developers sought to release new units for sale before the Hungry Ghost Festival.

The Core Central Region saw the highest new sales increase of 79 per cent last month. 57 per cent of total sale transactions in the CCR came from V on Shenton, the latest property launch in District 1.

The mass market suburban regions (Outside Central Region) contributed 78 per cent of total July 2012 sales. Attractive price quantum, site proximity to MRT station and key amenities, as well as provision of condominium facilities and services are perceived as key considerations for home buyers in this market segment. Major property launches last month include Parc Olympia, with July 2012 median price at $87 per sq ft; and Parc Centros with median price at $924 per sq ft.