Condo resale prices up 0.4% in March

This was driven by deals that were finalised before the pandemic.

Condo resale prices inched up 0.4% YoY and 0.1% MoM in March, driven by price hikes in the Core Central Region (CCR) and Outside Central Region (OCR), according to an SRX report.

This was slightly offset by the Rest of Central Region (RCR) as its condo resale prices dipped 0.8% YoY. CCR and OCR recorded price increases of 1% and 0.7% YoY, respectively.

In terms of volume, 709 units were resold in March, representing a 17% MoM jump compared to 606 units resold in February. On a YoY basis, volumes are 13% lower and shows a 21% decline compared with the five-year average volume for the month of March.

Breaking down by regions, 57.5% of the volume comes from OCR, 22.9% comes from RCR and 19.6% comes from CCR.

“The impact from the Covid-19 outbreak has probably not been reflected in March's number. Some deals could have been closed in the earlier part of the year or were near completion before the escalation of the Covid-19 crisis in late-March. Buyers who are in urgent need of a home could have rushed to seal a deal before stricter safe distancing measures kicked-in,” said Christine Sun, head of research & consultancy at OrangeTee & Tie.

However, Sun is expecting sales to slow down in April as house viewings are currently being postponed as a result of the circuit breaker measures.

“Sales may improve when the circuit breaker measures are eased and house viewings can resume. The growing economic uncertainties around the world may also see more investors seeking shelter for safe-haven assets here. Residential properties in Singapore will continue to be attractive to investors in the long term,” she added.

The $10.5m highest transacted price for a resale unit was achieved at The Ritz-Carlton Residences. In RCR, the highest transacted price is a unit at Pebble Bay, which was resold for $4.4m, whilst a $3.3m unit at Flamingo Valley recorded the priciest deal in the OCR.

Overall transaction over X-Value (T-O-X) is negative $2,000 in March, remaining flat as compared to February.

District 9 (Orchard / River Valley) posted the highest median T-O-X at positive $40,000, followed by District 8 (Farrer Park / Serangoon Rd) at positive $35,000. On the other hand, District 20 (Ang Mo Kio / Bishan / Thomson) posted the lowest median T-O-X at negative $62,000, followed by District 15 (East Coast / Marine Parade) at negative $30,000.