Private condo resale prices flat in July on lower volume: SRX

RESALE prices of private condominiums and apartments inched up a meagre 0.3 per cent in July 2015 compared to June, data from SRX Property released on Thursday showed. They were driven up by the city and suburban areas which saw price increases of 1.7 per cent and one per cent respectively. Prices in the city fringe fell by 2.2 per cent, however.

Despite the slight increase, SRX Property said: "For all intents and purposes, the market is flat as a board."

Year on year, prices in July dropped 0.9 per cent. They were also down 6.5 per cent from the peak in January 2014.

The price change in June has also been revised from a 0.4 per cent increase to a milder 0.1 per cent increase.

Transactions-wise, resale volume fell 10.4 per cent in July to a paltry 515 units resold, compared to 575 units resold in June.

Year on year, resale volume in July was 33.4 per cent higher than the 386 units resold in July 2014. Resale volume was down 74.9 per cent compared to its peak of 2,050 units resold in April 2010.