Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Costs of resale condos have enhanced for the 20th consecutive month, with a month-on-month increase of 0.8%.
A steeper price rise for OCR resale condos
Year-on-year, OCR resale condos have seen the maximum rise at 11.8%, compared to CCR resale apartments at 7.1% as well as RCR resale condominiums at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, clarified that regardless of last December’s cooling steps, the price boost results from request far overtaking supply, particularly in the suburbs.
” We approximate that less than 7,000 new condominiums (omitting EC) will be released up for sale this year. Of this number, just 30% or around 2,100 units will remain in the Beyond Central Region (OCR), which will likely be insufficient to meet the annual housing need from HDB upgraders.”
According to the 99. co and SRX record on the resale apartment market, the OCR market sector has recorded the highest possible increase at 1.4% in March 2022. In comparison, CCR resale apartment rates climbed by 0.6%, while RCR resale condominium prices dropped by 0.2%.
This has actually led to the steeper rise in OCR resale apartments, compared to those in the CCR and also RCR.
“As a result, a constant need overflow from the brand-new sale market to the resale market may prop up prices of mass-market resale condos better this year,” Sun anticipated.
Sales volume up by 35.6%
On top of that, with the loosening of the safe administration actions, that includes boosting the team size to 10 people, it is expected that there will be a lot more viewings as well as sales in the following weeks.
As the Chinese New Year lull occasion has actually passed, sales volume has increased. An approximated 1,302 units were marketed last month, which converts to a boost of 35.6% from the 960 units resold in February.
