Singapore condo resale prices continue to rise in Nov; volumes recover: SRX, 99.co
THE recent easing of restrictions on viewings and displaced owners as a result of en blocs are among likely reasons for the recovery of condominium resale volumes in November, said property analysts.
Condominium resale volumes rose 2.4 per cent last month to about 1,636 units resold, after declining in October and September, flash figures from 99.co and SRX Property released on Tuesday (Dec 14) showed.
Year on year, volumes were up 21.8 per cent and 67.5 per cent higher than the 5-year average volumes for the month of November.
"The en bloc market which accelerated in the past few months meant more owners are displaced and they have turned to the resale market for their immediate housing needs," said Huttons Asia chief executive Mark Yip.
Resale prices continue to rise for the 16th straight month, on the back of robust demand and diminishing stock, said Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.
SRX and 99.co noted that condo prices climbed 0.8 per cent month on month in November and rose 9.3 per cent on the year.
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The overall median capital gain stood at S$225,000 in November, up S$4,040 from October.
District 10 (Tanglin, Holland and Bukit Timah) posted the highest median capital gain at S$516,950, while District 17 (Changi Airport and Changi Village) posted the lowest median capital gain at S$85,700.
SRX and 99.co calculate the capital gain or loss of a condo resale unit by comparing the current transacted price with the same unit's previous transacted price. Capital gain data includes only districts with more than 10 matching transactions.
All regions saw price increases, with the core central region (CCR) growing 8.6 per cent, rest of central region (RCR) rising 8.8 per cent and out of central region (OCR) increasing by 9.9 per cent.
Volume-wise, more than half of transactions came from the OCR, which contributed to 58.5 per cent of resale volumes, followed by the RCR at 26.1 per cent and 15.4 per cent from the CCR.
A resale unit at Alba fetched the highest transacted price in November 2021 at S$26.4 million. In the RCR, the most expensive resale unit was one at Aalto resold for S$11.5 million, while the OCR's highest transacted price was S$3.6 million for a unit at The Vision.
Sun noted that many homeowners are cashing in on the housing boom.
"A number of investors, landlords and owner-occupiers have sold their condominiums in recent months since their house values have increased and there are many potential buyers in the market," she added.
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