Home buyers buoy residential market

Resale and subsale deals rose 57% in 3Q.

Given that the demand for the secondary market especially the resale market is a more accurate indicator of the owner-occupier demand, the increased transaction volume is a good sign that buyers are coming back to the market after prices have fallen to more attractive levels, said Cushman & Wakefield research head Christine Li.

On the transaction front, a total of 4,596 units were sold in 3Q2016, similar to 4,550 units sold in 2Q2016, but up 14% Y-o-Y. It seems that sales momentum continued into the 3Q though more units were transacted in the secondary market (ie resale and subsale) rather than the primary market. The proportion of secondary market transactions has risen to 57%, up from 50% in the previous quarter.

It is also the highest since 2Q2011 when secondary market transactions made up of 60% of the total transaction.

The stronger performance in the secondary market is attributed to falling prices in 3Q.

The overall private residential price index fell by 1.5% Q-o-Q in 3Q2016, the steepest price drop since 2Q2009, reflecting the fact that residential property market is still facing challenges and headwinds arising from slow growth and multiple rounds of cooling measures and loan curbs.

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