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New signs of life in condo resale market

The resale market for condominiums shows signs of heating up, going by flash estimates from SRX Property released yesterday.

Resale prices of non-landed private homes last month rose 0.7 per cent month-on-month and 3.2 per cent from a year ago.

They are now just 4.3 per cent off from their last peak in January 2014.

Month-on-month, resale prices in the core central region and outlying areas rose by 0.2 per cent and 1.6 per cent respectively. Prices in the city fringe stayed the same.

August's month-on-month price rise was a turnaround from the 0.3 per cent decline in July, which was revised up from a 0.5 per cent fall.

Year to date, prices have increased by 3 per cent.

In another indicator of a recovery in the private resale market, the number of non-landed homes sold rose 19.2 per cent to 1,273 units, compared with the 1,068 units moved in July.

Compared with a year ago, sales were up by 50.8 per cent. It was also the best monthly sales for the last two years.

But resale volume was still 37.9 per cent lower than its peak of 2,050 units in April 2010.

SRX's median transaction over X-value (TOX) - it measures if buyers are over or underpaying its computer-generated market value - was zero last month, unchanged from July.

Among active districts, District 20 (Ang Mo Kio/Bishan/Thomson) posted a TOX of -$20,000. - THE STRAITS TIMES

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