Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condominiums have boosted for the 20th straight month, with a month-on-month rise of 0.8%.
A higher rate boost for OCR resale condos
” We estimate that less than 7,000 brand-new condominiums (omitting EC) will certainly be launched available for sale this year. Of this number, only 30% or around 2,100 units will certainly remain in the Outside of Central Region (OCR), which will likely be insufficient to satisfy the yearly housing demand from HDB upgraders.”
This has caused the steeper rise in OCR resale apartments, opposed to those in the CCR as well as RCR.
“Therefore, a regular need spillover from the new sale market to the resale market may prop up prices of mass-market resale condominiums further this year,” Sun predicted.
According to the 99. co as well as SRX record on the resale condominium market, the OCR market section has actually reported the best increase at 1.4% in March 2022. In contrast, CCR resale condo rates climbed by 0.6%, while RCR resale apartment rates fell by 0.2%.
Year-on-year, OCR resale condos have seen the highest increase at 11.8%, contrasted to CCR resale condominiums at 7.1% and RCR resale apartments at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, clarified that despite last December’s cooling measures, the price boost is because of demand far outstripping supply, especially in the suburbs.
Sales quantity up by 35.6%
As the Chinese New Year break period has passed, sales volume has boosted. An approximated 1,302 units were re-selled last month, which translates to a rise of 35.6% from the 960 units re-selled in February.
In addition to that, with the loosening of the risk-free supervision measures, which includes raising the group size to 10 people, it is anticipated that there will be more watchings and also sales in the coming weeks.
