Resale condo prices up by 0.8% in March 2022, with the highest price increase in the OCR
Rates of resale condominiums have enhanced for the 20th consecutive month, with a month-on-month increase of 0.8%.
A higher rate boost for OCR resale apartments
Year-on-year, OCR resale apartments have seen the highest rise at 11.8%, compared to CCR resale condos at 7.1% as well as RCR resale condos at 7.3%.
Christine Sun, Senior Vice President of Research and Analytics at OrangeTee & Tie, discussed that despite last December’s cooling procedures, the price boost results from request far overtaking supply, specifically in the suburbs.
According to the 99. co as well as SRX record on the resale condominium market, the OCR market sector has recorded the highest possible increase at 1.4% in March 2022. In comparison, CCR resale condo prices rose by 0.6%, while RCR resale condo rates fell by 0.2%.
This has actually led to the steeper rise in OCR resale condos, compared to those in the CCR and also RCR.
“For that reason, a regular demand overflow from the new sale market to the resale market might prop up prices of mass-market resale condos even more this year,” Sun predicted.
” We approximate that less than 7,000 new condos (omitting EC) will certainly be launched available for sale this year. Of this number, only 30% or around 2,100 units will certainly be in the Beyond Central Region (OCR), which will likely be insufficient to meet the annual housing need from HDB upgraders.”
Sales quantity up by 35.6%
As the Chinese New Year break occasion has passed, sales volume has actually boosted. An approximated 1,302 units were resold last month, which converts to a rise of 35.6% from the 960 units re-selled in February.
On top of that, with the relaxation of the secure supervision actions, that includes enhancing the group size to 10 individuals, it is expected that there will be more watchings and also sales in the forthcoming weeks.