Condo resale volume nearly doubled in July 2020

An estimated 978 condominium units were resold in July 2020, showing a 97.2% spike from the 496 units in June 2020, based on SRX data. On a year on year (YoY) basis, condominium resale volumes increased 10% and are also 9.3% more than the 5-year average volumes for the month of June.

“We noticed pent-up demand across several market segments after the circuit breaker, including the HDB resale sector, mass-market sector and the private new sales segment. The positive purchasing momentum in the primary property market may have ‘overflowed’ to the secondary market,” said Miss Christine Sun, head of research and consultancy at OrangeTee & Tie. This is possible with new launches like One North Eden coming up.

She also added that the team observed more HDB upgraders buying properties lately as many flats have reached their 5-year Minimum Occupation Period lately and are ready for resale.

Dissecting by regions, 53.6% of the volumes occur in the Outside Central Region (OCR), 27.8% are from the Rest of Central Region (RCR) and the remaining 18.6% are from the Core Central Region (CCR).

In the mean time, condominium resale rates dipped 0.1% YoY and inched up 0.1% MoM in July 2020. CCR and RCR prices dropped by 2.6% and 1.2% YoY respectively, whilst OCR prices climbed 1.5% YoY.

“Some purchasers may find today’s pricing level ‘comfortable’ to dive into the market as rates could rise further in the future. Some purchasers may see the recent market slowdown as an opportunity to negotiate a better deal with sellers too,” said Miss Sun.

The highest transacted rate for a resale unit is sold for $14.99m at Skyline @ Orchard Boulevard. In the RCR, the highest transacted price is a home in Reflections at Keppel Bay at $5.85m, whilst an apartment at Ocean Park that transacted at $2.8m in the OCR was the highest.

“Resale properties less than $1.5m are also in greater demand currently. Based on URA Realis data, 61.9% of non-landed resale abodes were transacted below $1.5m in July 2020, when compared to 48.7% in June 2020 and 56.3% in June last year,” noted Miss Sun. Majority of the Clavon condo prices will be less that $1.5 million, making this development one of the more affordable in this market.

According to SRX, the general transaction over X-value (T-O-X) is at negative $10,000 in July 2020, reflecting no changes from the earlier month. District 18 (Tampines / Pasir Ris) recorded the highest median T-O-X at plus $9,500, seconded by Bedok and Upper East Coast (District 16) at plus $5,000 T-O-X.

District 4 (Harbourfront / Sentosa) recorded the lowest median T-O-X at minus $90,000, seconded by District 10 (Tanglin / Bukit Timah / Holland) at negative $70,000.

Source: https://sbr.com.sg/residential-property/news/condo-resale-volume-nearly-doubled-in-july

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