Singapore Private Home Prices Drop 1.1% In Q2
URA reported that prices of non-landed residences within the Core Central Region (CCR) slipped 0.1% in Q2, an improvement from Q1’s 2.2% decrease. The Rest of Central Region (RCR) saw costs fall 1.9%, a more substantial slide compared to the previous quarter’s 0.5% decline.
With this, Sun expects residence prices to continue to be soft in the coming months taking into consideration the macroeconomic unpredictabilities. For the full year, she anticipates private home pricings to drop by 3% to 5%.
URA caveat information showed that the amount of resale agreements in Q2 2020 is around a quarter of what was transacted over the exact period last year. The amount of new residential property sales transacted last quarter is also around 50% of what was sold off in Q2 2019, mentioned OrangeTee & Tie.
The COVID-19 pandemic has continued to impact the Singapore property market as private condo rates fell for a 2nd consecutive quarter.
” However, it may be too early to deduce that this is the start of a sustained period of price decreases. We must beware in translating the pricing dips in an unstable market, particularly when sales volume is reduced.”
” We need to observe the residential property market for a few more quarters to ascertain if pricings have actually bottomed.”
” There is sporadic evidence of ‘green shoots’ in specific market segments and some purchasers were getting fairly excellent bargains in the market over the last number of weeks. As a result, the prices patterns could be misrepresented by some of these properties or special valued units,” claimed Sun.
Pricings within the Outside Central Region, on the other hand, remained unchanged after recording a 0.4% decrease in Q1.
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” Last quarter, show flats were shut off while home viewings were disallowed throughout the Circuit Breaker period. Because of this, buyer demand was restrained which will certainly have a negative effect on residential property prices,” said Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
Flash quote from the Urban Redevelopment Authority (URA) illustrated that the private condominium index slipped 1.1% in the 2nd quarter of 2020, following a 1% decline seen in the previous quarter.