Condo resale prices up 0.8% in October

The priciest unit resold was from The Marq On Paterson Hill for $29.5m.

Condo resale prices climbed 0.8% MoM in October as all three regions posted growth, according to the SRX Price Index. On a YoY basis, resale prices rose 2%.

The core central region (CCR) recorded the biggest price growth at 2.9% YoY, followed by outside central region (OCR) and the rest of central region (RCR), posting 2% and 1.3% YoY, respectively.

Condo resale volumes grew by 3.6% MoM and 14.8% YoY to 807 units in October, 6.3% higher than the 5-year average for the month. Over half or 53.0% of the volume came from OCR, followed by 27.5% from RCR and 19.5% from CCR.

According to OrangeTee & Tie head of research & consultancy Christine Sun, resale prices may continue to rise, although at a slower pace for the rest of the year, although, demand may continue to rise in areas with many newly-launched projects.

“As more private homes have been completed in recent months and the supply of new homes is slated to grow further, there could be some downward pressure on resale home demand,” Sun commented.

The highest price for a unit resold during the month was from The Marq On Paterson Hill for $29.5m, which translated to $4,677 psf. The highest in RCR was from Corals At Keppel Bay for $8.75m, whilst the record in OCR came from Mandarin Gardens for $2.7m.

Overall transaction over X-value (TOX) is $0, showing a $10,000 YoY increase in October.