Condo resale prices up 0.3% in November

Prices recovered from a 0.7% contraction last month.

The non-landed residential resale prices saw a surprising uptick this month, inching up 0.3% compared to the previous period.

According to SRX Property, CCR and OCR recorded a price increase of 0.5% and 0.4%, respectively while condo prices in RCR remained unchanged.

In terms of year-on-year change, prices in November dropped 1%, with condo prices in RCR and OCR recording 1.5% and 2.6% declines. Prices in CCR posted a YoY price increase of 2.3%.

The figures this month were down 8.3% from the recent peak in January 2014.

Meanwhile, condo resale have seen slumping volume in the said month.

"An estimated 581 Non-landed Private Residential units were resold in November 2016. This is a 8.8% decrease compared to 637 units resold in October 2016," SRX explained.

But on a yearly basis, resale volume this month was 21.3% higher compared to 479 units resold in November 2015. It was lacklustre, however, compared to the recent peak of 2,050 units resold in April 2010.