Resale prices of condos down 0.7% in Oct: SRX

RESALE prices of non-landed private residential units slipped a steeper 0.7 per cent in October after a 0.6 per cent decline in September, the flash estimate from SRX Property shows.

The main drag came from the suburban area or the Outside Central Region, where resale prices fell 2 per cent, followed by a 0.8 per cent drop in the prime area or Core Central Region. On the other hand, resale prices in the city fringe or Rest of Central Region recorded an increase of 1.5 per cent.

SRX Property noted that resale prices of condominiums are now 8.5 per cent below the recent peak in January 2014.

Still, the estimated resale volume in October - which likely slipped 15.2 per cent over a month to 586 units - signified a 71.4 per cent contraction from the peak of 2,050 resale units in April 2010.

About 82 per cent of monthly transactions are typically captured by the time this flash report for private non-landed resale prices is released.