A NEW report from property consultancy firm CB Richard Ellis (CBRE) shows that prices of private, non-landed homes have risen sharply since July.
GOING UPAn analysis of caveats lodged by home buyers in the third quarter up to Tuesday indicates that the median price of such new homes with a 99-year lease jumped 16.5 per cent to $769 per sq ft (psf), from $660 psf in the second quarter.
For freehold homes or those with a 999-year lease, median prices hiked an even more dramatic 30.8 per cent to $1,241 psf in the third quarter, compared with $949 psf in the second.
CBRE’s analysis shows that buyers were willing to commit to homes with larger price tags during the quarter in question. They paid a median, or mid-range, price of $916,000 for new 99-year leasehold homes during the third quarter – up 11 per cent from $824,967 in the second.
And the increase in total price paid for property is more marked in the freehold homes category, which was left reeling by the global financial crisis. Buyers paid a median price of nearly $1.4 million in the third quarter – up 32.2 per cent from $1.06 million in the second. This latest median price is almost double the first quarter’s $734,500.
Resale prices also rose, but at a slower pace. In the sub-sale market, 99-year leasehold homes sold for a median $1,032 psf in the third quarter. This represents a near 19 per cent rise from $869 psf in the second. Continue reading
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