Prices of resale non-landed homes up 3.2% to hit a historic high in 3Q

Average price now stood at $1,156psf.

The gain is led by a 2.5% m-o-m increase in Sep.

According to Singapore Real estate  Exchange (SRX),  this 3.2% gain in resale prices contrasts with the fall of 2.2% in new sales prices according to caveats lodged over the same period.

SRX said that it is important to note that the strong 3.2% growth in resale prices contrasts with the much smaller gain posted by the flash URA PPI released on Oct 1 because the URA PPI takes into account new sales (which fell 2.2% in this quarter). The URA PPI does not take into account the last 3 weeks of Sep sales (which rose 2.5% m-o-m) uses a different methodology from the average PSF approach.

Amongst all regions, RCR posted the strongest quarterly gain of 7.1% for resale non-landed in Q3 to hit a historic high of $1,199psf. This is followed by a smaller gain of 3.0% increase in OCR and a more muted increase of 0.75% in CCR. Gross Rental yields remained stable at 4.0% in Q3 due to a corresponding increase in rental prices compared with resale prices.