Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale apartments have boosted for the 20th consecutive month, with a month-on-month rise of 0.8%.
A steeper rate rise for OCR resale apartments
This has led to the stifler increase in OCR resale apartments, opposed to those in the CCR as well as RCR.
“Therefore, a continual need spillover from the new sale market to the resale market might prop up rates of mass-market resale condos better this year,” Sun predicted.
“We approximate that less than 7,000 brand-new condominiums (omitting EC) will certainly be launched for sale this year. Of this number, only 30% or approximately 2,100 units will certainly be in the Beyond Central Region (OCR), which will likely be insufficient to fulfill the annual real estate request from HDB upgraders.”
Year-on-year, OCR resale apartments have seen the highest increase at 11.8%, compared to CCR resale condominiums at 7.1% and RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that in spite of last December’s cooling procedures, the price boost is because of demand much outstripping supply, specifically in the suburbs.
According to the 99. co and also SRX report on the resale condominium market, the OCR market section has actually reported the maximum rise at 1.4% in March 2022. In comparison, CCR resale apartment costs climbed by 0.6%, while RCR resale condominium prices fell by 0.2%.
Sales quantity up by 35.6%
As the Chinese New Year break period has passed, sales quantity has actually increased. An estimated 1,302 units were re-selled last month, which converts to a rise of 35.6% from the 960 units marketed in February.
In addition to that, with the relaxation of the risk-free supervision procedures, that includes enhancing the group size to 10 people, it is anticipated that there will be extra watchings and also sales in the forthcoming months.