Singapore Private Home Prices Drop 1.1% In Q2
With this, Sun forecasts home prices to remain soft in the coming months thinking about the macroeconomic unpredictabilities. For the full year, she anticipates private residence prices to drop by 3% to 5%.
” There is sporadic proof of ‘green shoots’ in various market sectors and some buyers were purchasing reasonably good bargains in the marketplace over the past couple of weeks. The prices patterns can be misrepresented by some of these homes or unique priced units,” stated Sun.
Parc Clematis Showflat is beautifully done and ready for viewing.
” We ought to observe the home market for a few more quarters to identify if pricings have actually bottomed.”
” Nonetheless, it could be early to conclude that this is the beginning of a sustained time frame of price downswings. We should beware in translating the price dips in an unpredictable market, particularly when sales volume is modest.”
URA revealed that prices of non-landed residences within the Core Central Region (CCR) slid 0.1% in Q2, an improvement from Q1’s 2.2% decline. The Rest of Central Region (RCR) saw prices drop 1.9%, a greater decline compared to the previous quarter’s 0.5% decrease.
” Last quarter, show flats were shut while house viewings were stopped throughout the Circuit Breaker period. Because of this, buyer demand was restrained which will inevitably have an adverse impact on home pricings,” stated Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
Prices within the Outside Central Region, conversely, continued to be the same after registering a 0.4% decline in Q1.
URA caveat information showed that the number of resale transactions in Q2 2020 is around a quarter of what was sold over the exact duration in 2019. The number of new home sales performed last quarter is also around 50% of what was sold off in Q2 2019, mentioned OrangeTee & Tie.
The COVID-19 pandemic has continued to affect the Singapore housing market as private home prices fell for a second consecutive quarter.
Flash price quote from the Urban Redevelopment Authority (URA) indicated that the private condominium index sank 1.1% in the 2nd quarter of 2020, following a 1% decline seen in the previous quarter.