Resale private home prices on the uptrend

Flash estimates from the Singapore Residential Price Index (SRPI) showed that resale private home prices is on an upward trend, climbing 0.8 per cent in April after rising 0.4 per cent in March, reported Channel News Asia.

Meanwhile, prices of resale units in the central area were up 1.6 per cent in April.

In comparison, it rose just 0.1 per cent in March.

Resale home prices in the non-central region, however, remain unchanged.

Property analysts said the increase in prices could possibly be due to a result of higher transaction volume in the secondary market in March and April.

“The secondary market volume is picking up, especially after the run-up in new home sales in the first quarter. Primary market prices have gone up and some buyers may think that they can get better value in the secondary market,” Donald Han, special advisor at HSR, told Channel News Asia.

Meanwhile, resale prices of small apartments dipped 1.2 per cent, after increasing 2.7 per cent in March.

The index was published by the Institute of Real Estate Studies at the National University of Singapore (NUS).

Source: PropertyReport – 2012 May 30

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