Private home resale prices continue to rise

Resale prices of private homes stayed on an upward trend last month to underscore the market's gradual turnaround.

Values rose 0.4 per cent from November to December, the same pace as November's revised rate, SRX Property flash estimates showed yesterday.

The data showed that prices continued to rise across the island. Values in the core central region and the outside central region were up 0.3 per cent month on month while those for the rest of the central region advanced 0.6 per cent.

Resale prices of condominiums and private apartments over the past 12 months have risen 6.2 per cent, said SRX.

All locations saw price appreciation last year. Core central region was up 6.2 per cent, the rest of the central region added 8.9 per cent while values in the outside central region advanced 4.4 per cent.

Resale prices for private non-landed homes were still down 2.1 per cent from their last peak in January 2014, said SRX.

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Government flash estimates last week showed that private home prices - for both new and resale properties, landed and non-landed - rose by 1 per cent last year, their first rebound since 2013.

Analysts said the recent collective sale fever has likely pushed up private residential prices and transactions as cash-rich sellers look for replacement homes. - THE STRAITS TIMES