Condo resale: There's a kind of hush all over June

School holidays could also affect the resale market.

Property expert, Huttons, said it sees the condo resale market in June could be quiet due to zero planned new project launches and school holidays.

It further explained that children are taking the opportunity to travel, which will leave a quiet period for the condo resale market in June.

But the return of foreign nationals to the property market will support further growth in prices for the rest of this year.

Commenting on the rise of the condo resale market in May 2022, Huttons said the reducing level of unsold stock in the Outside of Central Region (OCR) and Rest of Central Region (RCR) allowed buyers to turn to the resale market.

READ MORE: Condo resale price climbs 0.3% MoM in May

Another property analyst, PropNex, said about 60% of resale volume in May 2022 was in the OCR because the lack of new mass-market launches drew buyers to the resale segment.

The hefty additional buyer’s stamp duty (ABSD) also led to owners buying multiple residential properties prior to the ABSD enforcement and may be unwilling to sell these now.

“In addition, some owners may be less inclined to sell given the strong home rental market,” PropNex said.

As for OrangeTee, it attributed the increase in resale volume to loosened viewing restrictions and reopening of borders, allowing more buyers to look for homes.