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Condo resale prices down 1.1% in November on sharply lower volumes: SRX

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Condominum resale prices fell again by 1.1 per cent in November, compared to the month before, while resale volumes tumbled 22.4 per cent, said SRX Property on Tuesday.

CONDOMINIUM resale prices fell again by 1.1 per cent in November, compared to the month before, while resale volumes tumbled 22.4 per cent, said SRX Property on Tuesday.

The drop in prices was more marked in the city fringe and suburbs, where it fell by 1.3 per cent, while prices for city apartments only dipped 0.1 per cent.

This comes after the price index rose 0.4 per cent in October, compared to September. It has fallen 6.3 per cent so far this year.

The prices are based on the transactions for 388 apartment units that were resold in November, down from the 500 units in October.

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""When sales volume is this low, macro-analysis becomes less relevant and individual transactions are more pronounced," said Sam Baker, CEO of SRX Property.

"On the macro level, we can project, with reasonable certainty, that demand will continue to be anaemic and prices will be relatively stubborn until there is a significant change to cooling measures, interest rates, supply, or an external shock, or some combination of the above," he added. "Until then, the action is at the street level and requires micro-analysis."

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