Condo resale prices up 1% in September 2021

An estimated 1,736 units were resold in September.

According to a report released by 99.co and SRX, condo resale prices increased by 1% m-o-m  in September 2021. 

When compared on a y-o-y basis, overall prices saw an increase by 8.9%. This sentiment  was also echoed throughout all the regions, as the Outside Central Region (OCR), Rest of Central Region (RCR) and Core Central Region (CCR) saw price increases at 9.1%, 8.6% and 9%, respectively.

An estimated 1,736 units were resold in September 2021, a 3.8% m-o-m decrease from the 1,805 units resold in August 2021. Around 60.3% of these were from OCR, whilst 23.5% were from RCR and 16.2% from CCR. This was 35.9% higher than in September 2020, and 84.1% higher than the 5-year average volumes for the month of September. 

The highest transacted price for a resale unit was set at $26.3m in Le Nouvel Ardmore.

Meanwhile, overall median capital gain was $233,500 in September 2021, an increase of $40,500 from the previous month. District 10, which includes Tanglin, Holland and Bukit Timah, posted the highest median capital gain at $40,500, while District 4, Sentosa and Harbourfront, posted the lowest at $30,000.

Christine Sun, Senior VP of Research & Analytics, saw this performance as a reaction to the lowering condo supply. 

“Prices have been increasing islandwide and are hovering about 9 per cent for all three segments from September 2020 to September 2021- i.e. CCR (9.1 per cent), RCR (8.6 per cent), OCR (8.9 per cent). The price increase is quite consistent islandwide and the broad-based price increase indicates that buyers were generally willing to pay more for resale condos this year in view of the growing housing demand and declining condo supply,” she said.