Prices of private homes rise 0.5% for 3Q2018

By
/ EdgeProp Singapore
|
October 27, 2018 5:18 AM SGT
Prices of private residential homes have risen by 0.5% in 3Q2018, compared to an increase of 3.4% in 2Q2018, and a 3.9% rise in 1Q2018, based on URA data.
Property consultants have attributed the smaller increase in prices to the introduction of the property cooling measures on July 6 and the Hungry Ghost Festival, which slowed down the speed of transactions in the market.
Some segments of the property market have, however, remained resilient. Prices of landed properties rose by 2.3%, an improvement from the 1.7% increase from flash estimates.
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Property consultants have attributed the smaller increase in prices to the introduction of the property cooling measures on July 6 and the Hungry Ghost Festival (Photo Credit: Samuel Isaac Chua/EdgeProp Singapore)
The price index in 3Q2018, however, is still 7.3% lower than its peak in 3Q2013, before prices for landed homes declined due to the cooling measures enacted then, highlights Ong Teck Hui, national director of research & consultancy at JLL.
Prices of non-landed homes in the Core Central Region (CCR_ increased for the fifth consecutive quarter, by 1.3%, compared with a 0.9% increase in the previous quarter. Resale properties in the region may have asked for higher prices, as the supply of completed homes in the region is diminishing, says Christine Sun, head of research & consultancy at Orange Tee & Tie.
“Some buyers, especially high net worth individuals, were also observed to be willing to pay the higher Additional Buyers’ Stamp Duty”, adds Orange Tee’s Sun. The buyers were expecting prices of new luxury homes to trend upwards, as units slated for launch from the recent enbloc sites were bought at higher land prices, it says.
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Some new launches after the cooling measures have seen fairly high take-up rates such as Mayfair Gardens (38%) (Credit: Property Agent)
“These higher networth buyers may be willing to fork out the increased ABSD rates if they find a property they like. Most are buying high-end projects for the longer term and they are not buying for speculation,” says Eugene Lim, key executive officer of ERA.
Home values in the Rest of Central Region...