Business

Resale prices of condos, apartments hit new high last month

Resale prices of condominiums and apartments moved up again last month to hit a new high, according to the latest flash estimates from real estate portal SRX Property.

Data released yesterday showed that the prices of private, non-landed homes had risen 1.5 per cent against February's peak.

These gains were seen across the island, with home prices in the core central region up by 2.2 per cent compared to February to hit record levels.

Homes in the rest of the central region set a record as well, posting a price increase of 1.3 per cent over February, while homes outside the central region also saw their value up by 1.3 per cent.

The monthly price change for February was revised upwards to 2 per cent, from an earlier estimate of 1.9 per cent.

All in all, last month's performance marked an increase of 8.5 per cent compared to the same month last year.

Prices in the core central region last month stood 8 per cent higher than in March last year. They had appreciated 11.4 per cent in the rest of central region and by 7 per cent outside the central region over the year.

Prices in the first three months of this year were 3.5 per cent higher than in the previous quarter.

Meanwhile, resale volume last month swelled by 11.4 per cent to 1,310 units, compared with February, said SRX - although this is still 36.1 per cent lower than the peak in April 2010.

Ms Christine Sun, OrangeTee & Tie's head of research and consultancy, said in response to the SRX figures that resale prices are expected to keep on going up in the coming months. Sellers are likely to ask for higher prices amid higher demand from those who sold en bloc and are looking for new homes.

"As it seems, some en-bloc sellers are already purchasing a new home now before the completion of the en-bloc sales, as they expect replacement cost to increase significantly in the months ahead," she added. - THE STRAITS TIMES

Property