Resale prices of private apartments slipped again in October, according to flash estimates by SRX Property out. It noted that values were down 0.6 % in October from September and also revised September’s price change from a 0.1 % fall to a 0.3 %decrease.
This faster rate of decline is attributed to monthly fluctuations.
Resale prices overall have fallen just 2.6 % compared with October last year, a possible indication that sellers are not under immense pressure to take any offer. This current state of the private residential property market in Singapore is still suffering from weak demand and market sentiments, that are chiefly caused by the Government (cooling measures).
Overall resale non-landed prices have fallen about 7.6 % from January 2014, with far steeper declines when compared with 2013, when values were at their recent highs.
Those in the core central region are down 10.6 % from October 2013, city-fringe resale prices fell 5 % from August 2013, while suburban resale prices are down 9.3 % from June 2013.
The relative strength for city-fringe properties are due to demand from both investors and owner-occupiers. Few new launches in the region have also encouraged people to buy resale.
There were an estimated 505 private non-landed resale transactions last month, up 9.8 % from September and similar to the same month last year.
Marginal resale price declines are expected to continue but there could be a drastic price fall – of at least 5 % in a quarter – sometime next year: more property owners who have finished the four-year holding period imposed by the Seller’s Stamp Duty, especially those who rushed in to buy new condos from 2010 to 2012.