Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Prices of resale apartments have increased for the 20th consecutive month, with a month-on-month boost of 0.8%.
According to the 99. co and SRX report on the resale condo market, the OCR market section has recorded the highest increase at 1.4% in March 2022. In comparison, CCR resale condo costs rose by 0.6%, while RCR resale apartment rates plunged by 0.2%.
A higher price increase for OCR resale condominiums
This has led to the higher increase in OCR resale condos, contrasted to those in the CCR as well as RCR.
“For that reason, a continuous demand spillover from the brand-new sale market to the resale market may prop up rates of mass-market resale condominiums even more this year,” Sun predicted.
” We approximate that less than 7,000 new condos (leaving out EC) will be released available this year. Of this number, only 30% or approximately 2,100 units will be in the Outside of Central Region (OCR), which will likely be insufficient to meet the yearly housing request from HDB upgraders.”
Year-on-year, OCR resale condos have seen the maximum rise at 11.8%, compared to CCR resale condos at 7.1% and RCR resale condominiums at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that despite last December’s cooling actions, the cost boost is due to demand far overtaking supply, particularly in the suburbs.
Sales volume up by 35.6%
As the Chinese New Year break occasion has passed, sales quantity has actually boosted. An estimated 1,302 units were resold last month, which converts to a rise of 35.6% from the 960 units resold in February.
On top of that, with the relaxation of the risk-free management actions, that includes boosting the team size to 10 people, it is anticipated that there will be much more watchings and also sales in the coming periods.