The cost of finished condos in Singapore rose by 0.1% in September, from the preceding month. This development was highlighted by West Coast EL Development Condo flash reports for the Singapore Residential Price Index unveiled on Wednesday, by the National University of Singapore.
Whilst the rise in West Coast Vale EL Development has interrupted a run of five consecutive months of price drops (starting in April) and provided a more optimistic outlook after a 0.7% monthly dip according to a revised index values, it is still not good enough to change the minds of market observers who expect detrimental strains on West Coast Vale Condo private market to remain unchanged.
Across the country, finished condos have recorded month on month price drops for 9/10 of the past twelve months, according to statistics released by the SRPI.
EL Development West Coast Vale Condo
Last month, the 0.4% and 0.3% price returns posted by small scale units of as much as 506 sq ft and the non-central area units (not inclusive of smaller units) were considered to be a momentary hiccup in EL Development West Coast Condo. The two sectors both recorded price drops of 0.1% and 0.8%, respectively.
The cost of finished units in high profile areas (not including smaller units) – regions like Districts one to four and nine to eleven – recorded a 0.4% dip last month, after a 0.3% drop in August.
The NUS SRPI monitors a static predefined basket over a given time frame, which is why it considers first time sales and a greater amount of resales, and it employed hedonic regression as a way to predict West Coast Vale EL Development prices.
According to a specialist, the price rise of smaller units is an ‘unpredictable event,’ but that it does not change the overarching solidity of the sector, especially in light of the number of condo units finished in 2014.
EL Development West Coast Condo
The HDB property landlords who purchased the smallest units might have left them unused for twelve months or longer, as their West Coast Vale Condo completion will almost certainly mean that they sell for a breakeven sum or even generate a little extra. These property owners are more and more willing to reduce their price demands as time goes on.
The price of completed units within the non-central areas are also predicted to undergo an overall monthly price drop or experience inactivity, as a result of more suburban condos being brought onto the market and making competition more fierce in EL Development Condo.
The chief of ERA Realty, Eugene Lim, blamed the price hike of finished units in non-central regions on a deficit of high profile project take offs in September – this drew buyer focus to the resale market.
Yet, generally speaking, low level price changes are predicted for the near future, in line with the kind of properties which make it onto the market.
West Coast Vale Condo
Lim said: “The growing amount of EL Development West Coast Condo condo completions, on top of the cooling policies which the government refuses to relax, the detrimental strain on property prices is likely to move into next year.”
The convoluted events of small scale price reductions have yet to inflame the interest of buyers or offer any obviously valuable purchasing avenues. There is an elevated chance, next year, for a significant and more extreme price reduction of somewhere around 5-10% per quarter.
The dramatic change in the price of finished units might occur in the second quarter of next year or the third. It will hopefully appeal to shrewd EL Development Condo investors, even though prices can ricochet rapidly following a notable rise in demand and house prices are slashed.
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