Prices of resale non-landed private homes continued to climb, hitting a record $1,222 per square foot (psf) on average in the first two months of the fourth quarter.
This
was on the back of an improved performance from all regions here, latest data
from the Singapore Real Estate Exchange showed.
Private
home prices in the outside central region (OCR) rose 4.5 per cent over Q3 to
$959 psf, followed by the rest of central region (RCR), which recorded a 3.3
per cent increase to $1,224 psf.
Transaction
volumes, too, continued to climb, rising 6 per cent to 2,483 resale
transactions in the October-November period versus the first two months of the
previous quarter.
However,
weak rental rates caused overall gross rental yields to drop to a six-year low
of 3.77 per cent in the period. Average unit monthly rents fell one per cent to
$3.84 psf in the first two months of Q4, from $3.88 psf in Q3.
This
was led by a 2.5 per cent drop in the RCR to $3.91 psf, where prices moderated
after rising in the first three quarters in the year.
Rents
in the other regions remained relatively stable compared to the previous
quarter.
Meanwhile,
demand for rental shoebox units was high, with 1,328 contracts signed this
year. Year-to-date transaction volume for resale shoebox units came to 198.
Shoebox
units continued to draw higher rental offers in the fourth quarter to achieve
average unit monthly rental of $6.65 psf, up 0.6 per cent from $6.61 psf in the
third quarter.
In
the HDB resale market, overall cash-over-valuation (COV) hit $34,000 in the
first two months of Q4. Overall COV increased to $35,000 in November from
$33,000 in October.
The
higher COV pushed the overall HDB median resale price to a record $455,000, up
1.1 per cent over Q3 prices.
Overall
HDB median monthly rents were unchanged at $2,400.
Source:
Business Times –8 December 2012
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