Condo resale prices up for 5th straight quarter in Q2, fewer units sold: Report
resale condominium prices escalated for the consecutively for past five quarter, albeit at a slower pace than before as fewer units changed hands. Prices inclined by 0.6 per cent in the second quarter, compared with 2.9 per cent in the first three months of 2K23, based on a report real estate firm OrangeTee & Tie revealed on Tuesday. On a year-on-year basis, prices went up by 7.8 per cent, the report said, citing data from the Urban Redevelopment Authority’s Realis property statistics portal. In the second quarter of 2023, resale volumes dipped 1.5 per cent, with 2,376 units changing hands. OrangeTee & Tie expects the resale market to record more sales activity in the second half of 2K23 as more condominiums are completed. Close to 2,500 private residential exchanged hands. “The plethora of newly completed units will push housing supply to a seven-year high, which will help to normalize prices of property,” the report noted. 23 units of condo in High Park Residences off Sengkang transacted at an average of $1,491 psf, and Petit Jervois in Tanglin, with 22 units changing hands at an average of $2,597 psf.
Among the transacted resale condos in the second quarter, the price range were between $1 million and below $1.5 million. Condos priced between $1.5 million and under $2 million accounted for 23.9 per cent of transactions. resale condos between $1 million and $2 million is a sweet spot for buyers, the report said.