Condo resale market saw a slight price increase in September 2024, a trend possibly driven by the return of buyers waiting for more favourable interest rates. With signs that a rate cut may be on the horizon, potential buyers can now qualify for larger loans and enjoy more manageable monthly payments, thus enhancing affordability in the condo market.
However, the market faces stiff competition from several new launches and alternative housing options. Notably, the recent launch of Norwood Grand, which sold 84% of its units over just two weekends, likely drew some demand away from the resale market.
Additionally, public housing options continue to attract attention, with the ongoing October BTO (Build-To-Order) exercise featuring highly desirable flats in prime locations, appealing particularly to first-time buyers who meet the eligibility criteria. This combination of factors may have contributed to the observed decline in condo resale volumes during September.
Table of contents Condo resale price index: Overall increase of 0.8%
According to the SRX Price Index for Condo Resale in September 2024, overall condo resale prices in Singapore rose by 0.8% month-on-month. By region, the Core Central Region (CCR) saw a modest 0.2% price increase, while the Outside Central Region (OCR) experienced a more robust 1.2% rise. Prices in the Rest of Central Region (RCR) remained unchanged for the month.
Looking at year-on-year figures, resale prices have risen 4.4% since September 2023, indicating steady growth despite recent market challenges. Regionally, the CCR experienced a 1.6% increase, while the RCR and OCR saw stronger growth at 5.4% and 5.5%, respectively. These figures suggest that demand remains particularly strong in the RCR and OCR, likely driven by buyers seeking value in more affordable areas or city-fringe locations.
Additional reading: Condo resale prices remained stable in August 2024, while the volume
