Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale apartments have enhanced for the 20th consecutive month, with a month-on-month boost of 0.8%.
This has actually caused the more challenging boost in OCR resale condominiums, opposed to those in the CCR as well as RCR.
“Therefore, a continual need spillover from the brand-new sale market to the resale market might prop up prices of mass-market resale condos better this year,” Sun predicted.
A higher cost increase for OCR resale apartments
According to the 99. co and also SRX report on the resale condominium market, the OCR market sector has actually recorded the maximum boost at 1.4% in March 2022. In comparison, CCR resale condo prices rose by 0.6%, while RCR resale apartment rates dropped by 0.2%.
” We approximate that less than 7,000 brand-new condos (excluding EC) will certainly be released available for sale this year. Of this number, only 30% or around 2,100 units will remain in the Beyond Central Region (OCR), which will likely be insufficient to satisfy the yearly housing need from HDB upgraders.”
Year-on-year, OCR resale condos have seen the maximum boost at 11.8%, compared to CCR resale condos at 7.1% and RCR resale apartments at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, described that despite last December’s cooling procedures, the cost boost is because of demand much overtaking supply, specifically in the suburban areas.
Sales volume up by 35.6%
As the Chinese New Year break occasion has actually passed, sales quantity has increased. An approximated 1,302 units were marketed last month, which equates to a rise of 35.6% from the 960 units re-selled in February.
On top of that, with the loosening of the safe administration measures, which includes increasing the group size to 10 individuals, it is anticipated that there will be a lot more viewings and also sales in the forthcoming months.