Connect with Us     

NEW LAUNCH PROPERTY - SINGAPORE PROPERTY PORTAL

Connect with Us               

Developer Sales Enquiry: 9789 8770

New Property Dream News Blog

Be Updated Daily with the New Happenings in the Property Market!
"Hit" the 'Subscribe to blog' on your right for Daily Property News Updates!

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that have been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login
    Login Login form

Prices and sales still holding up

Posted by on in Uncategorized
  • Font size: Larger Smaller
  • Hits: 99248
  • Subscribe to this entry
  • Print
Home buyers seem to have shrugged off the latest round of market-cooling measures.

Both prices and volumes of non-landed private homes that changed hands last month held firm. Most sales came after the measures were unveiled on Oct 5.

Resale prices flatlined at $1,209 per sq ft (psf) last month, unchanged from September's prices, according to data from the Singapore Real Estate Exchange (SRX).

Strong sales volumes were posted, with 1,328 homes changing hands last month, more than the monthly average of 1,190 units in the April to September period.

The figures cover only resale non-landed transactions.

New projects such as eCO in Bedok and Sky Green off Upper Paya Lebar Road also continued to post healthy sales, with hundreds of units snapped up.

The SRX collates transactions, accounting for more than 80 per cent of the private market, by major property agencies.

This robust showing comes despite the sixth round of cooling measures announced last month designed to stop home buyers from over-extending themselves.

For instance, home loans are now capped at a tenure of 35 years.

Buyers taking a loan of more than 30 years, or extending past the retirement age of 65, will have to fork out more in cash.

City-fringe homes posted the strongest showing, with average resale prices last month rising 4.5 per cent compared with the July to September period. Suburban homes posted gains of 4.2 per cent while city-centre home prices rose 1.8 per cent, the SRX said.

Experts say that ample liquidity in the market, low interest rates and the fact that the previous five rounds of measures have failed to bring prices down have kept buying sentiment positive.

ERA Realty key executive officer Eugene Lim said the resilience could indicate that most do not go for long-mortgage loans.

He expects prices to continue inching up as land and construction costs remain elevated. The Housing Board resale market, which has seen prices continue to climb, also provides a support for suburban home prices.

"For demand and hence prices to be affected, it must mean an economic downturn, external shocks or if interest rates rise and the holding power of owners is lessened," Mr Lim added.

Buyers who are affected by the new measures are not leaving the market entirely but could be buying smaller, more affordable units instead, he added.

But the rental market saw slimmer gains, with average unit rents rising just 0.5 per cent to $3.89 psf a month.

This weaker rental showing relative to strong price gains led to overall gross rental yields falling to 3.87 per cent last month from 4.01 per cent in the third quarter.

SRX data also pointed to the narrowing price gap between city-centre and suburban homes.

The price premium for resale city-centre homes has fallen to 85 per cent, the lowest since 2007.

This is even lower than the trough of 92 per cent at the height of the global financial crisis in the first quarter of 2009.

Credit from The Straits Times –10 November 2012

Rate this blog entry:
0
 

 

To all Real Estate Investors and Future Property Owners,

Hello there, this is Sky Chiu, your Singapore Real Estate Advisor, welcome and thank you for reading through to my News Blog! If you would like to be updated with the Property Market Insights, Do Subscribe to my Blog or via RSS on the Top Right of this page!


With 9 years of experience in real estate business, equipped with in-depth property market and new projects knowledge and insights, i committed to give all my valued clients detailed and clearer analysis before they committed to their dream home - whether you are a first time property seller, an experienced property investor, a first time property buyer or a foreigner looking to move into Singapore.


My dedicated services cover my valued clients through the whole process - selling the property at the Highest Possible Price, finding the Right property, negotiating the for the Best Price, to making an Offer and closing the Best Deal. As your Personal Real Estate Consultant, i am here to help you in everything to make the best real estate decision in your life. Your Satisfaction is My First Priority!

 
Phone Support

 

YOUR DEDICATED PROPERTY ADVISOR

We have a group of very experienced property advisors with in-depth property market and new projects knowledge and insights to give our clients a detailed and clearer analysis before they committed to their dream home from us.

We identify our clients' needs, help them to restructure and maximise their property portfolios. We successfully advised and helped our clients on their loan restructuring and financial timeline management on their property investment.

Contact Us for An Non-Obligatory Discussion Today!

 

DIRECT DEVELOPER PRICE

Danish candy sesame snaps sugar plum candy canes sweet donut sugar plum

 

DIRECT DEVELOPER PRICE

Danish candy sesame snaps sugar plum candy canes sweet donut sugar plum

 

NO COMMISSION

Danish candy sesame snaps sugar plum candy canes sweet donut sugar plum