URA caveat information indicated that the number of resale transaction…
URA caveat information indicated that the number of resale transactions in Q2 2020 is around a quarter of what was transacted over the same period last year. The amount of brand-new home sales performed last quarter is also around 50% of what was transacted in Q2 2019, mentioned OrangeTee & Tie.
” Last quarter, show flats were shut while home viewings were barred in the course of the Circuit Breaker period. Because of this, purchaser demand was suppressed which will unavoidably have a negative effect on home prices,” claimed Christine Sun, Head of Research and Consultancy at OrangeTee & Tie.
” There is occasional proof of ‘green shoots’ in specific market sectors and some purchasers were getting fairly good deals on the market over the last few weeks. As a result, the prices trends could be distorted by a few of these properties or unique priced units,” stated Sun.
The COVID-19 pandemic has continued to impact the Singapore housing market as private dwelling price tags succumbed to a 2nd successive quarter.
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” However, it may be too early to conclude that this is the start of a sustained time frame of value decreases. We need to be cautious in interpreting the value dips in a volatile market, particularly when sales volume is lower.”
Prices within the Outside Central Region, on the contrary, remained unaffected after registering a 0.4% fall in Q1.
Flash estimate from the Urban Redevelopment Authority (URA) indicated that the private condo index slipped 1.1% in the second quarter of 2020, after a 1% decline seen in the previous quarter.
” We should observe the property market for a few more quarters to ascertain if prices have bottomed.”
With this, Sun expects house costs to stay soft in the coming months considering the macroeconomic unpredictabilities. For the complete year, she anticipates private residence pricings to drop by 3% to 5%.
URA reported that values of non-landed houses within the Core Central Region (CCR) slid 0.1% in Q2, an improvement from Q1’s 2.2% loss. The Rest of Central Region (RCR) saw costs drop 1.9%, a bigger slide opposed to the previous quarter’s 0.5% decrease.