Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Prices of resale condominiums have actually raised for the 20th straight month, with a month-on-month increase of 0.8%.
A steeper cost boost for OCR resale apartments
Year-on-year, OCR resale condos have seen the highest possible boost at 11.8%, contrasted to CCR resale condominiums at 7.1% as well as RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, explained that in spite of last December’s cooling actions, the rate rise is due to request much outstripping supply, particularly in the suburban areas.
” We approximate that less than 7,000 new condominiums (leaving out EC) will be launched available 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 real estate request from HDB upgraders.”
This has actually led to the steeper rise in OCR resale condominiums, compared to those in the CCR as well as RCR.
“For that reason, a consistent need spillover from the brand-new sale market to the resale market may prop up prices of mass-market resale condos better this year,” Sun predicted.
According to the 99. co and SRX report on the resale condo market, the OCR market sector has actually documented the highest boost at 1.4% in March 2022. In comparison, CCR resale apartment costs rose by 0.6%, while RCR resale condominium costs dropped by 0.2%.
Sales volume up by 35.6%
As the Chinese New Year lull season has actually passed, sales quantity has actually boosted. An approximated 1,302 units were marketed last month, which equates to an increase of 35.6% from the 960 units resold in February.
On top of that, with the loosening of the safe management procedures, that includes raising the team size to 10 individuals, it is anticipated that there will certainly be extra watchings as well as sales in the coming months.