Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Costs of resale apartments have actually boosted for the 20th straight month, with a month-on-month rise of 0.8%.
A steeper price increase for OCR resale apartments
This has actually resulted in the steeper boost in OCR resale condominiums, compared to those in the CCR and RCR.
“As a result, a consistent demand spillover from the brand-new sale market to the resale market might prop up prices of mass-market resale condos even more this year,” Sun forecasted.
Year-on-year, OCR resale condos have seen the highest possible increase at 11.8%, compared to CCR resale apartments at 7.1% and RCR resale condominiums at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that in spite of last December’s cooling measures, the cost increase results from demand far overtaking supply, particularly in the suburban areas.
” We estimate that less than 7,000 brand-new condos (omitting EC) will certainly be launched available this year. Of this number, just 30% or around 2,100 units will remain in the Outside of Central Region (OCR), which will likely be insufficient to meet the yearly housing request from HDB upgraders.”
According to the 99. co and also SRX report on the resale condo market, the OCR market segment has actually recorded the maximum increase at 1.4% in March 2022. In comparison, CCR resale apartment prices rose by 0.6%, while RCR resale apartment rates plunged by 0.2%.
Sales volume up by 35.6%
As the Chinese New Year lull occasion has actually passed, sales volume has actually increased. An approximated 1,302 units were marketed last month, which converts to a rise of 35.6% from the 960 units re-selled in February.
On top of that, with the loosening of the safe management actions, that includes raising the team size to 10 people, it is expected that there will certainly be a lot more viewings and also sales in the coming periods.