Condo resale prices up 3.5% in March

Prices of OCR condos rose 5.1%.

Private condo resale prices rose 3.5% YoY in March, according to data from SRX Property. Rates outside the central region (OCR) led the increase by 5.1% YoY.

Condo resale prices in the rest of the central region (RCR) and the core central region (CCR) also rose 3.1% and 0.6% YoY, respectively in March. On a MoM basis, OCR saw condo resale prices rose 1.3% whilst prices in the CCR decreased 2.1% and RCR rates remained unchanged.

According to SRX Property, the volume of resale condos edged up 59.3% MoM to 830 in March from 521 units resold in February. On a YoY basis, however, the units transacted were 41.4% lower compared to the 1,417 units resold in March 2018.

"The trend may indicate that marketing activities arising from new project launches may spur buying interest in the secondary market within the vicinity. We may expect buying interest for resale homes to pick-up further in selected locations as more projects will be launched in the coming months," OrangeTee and Tie head of research and consultancy Christine Sun commented.