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Private home prices rise 16% in Q3 flash estimates

Posted on 2 Oct 2009 | Comments Off

Singapore private property prices in the third quarter saw the steepest quarter-on-quarter increase since 1981.

The Urban Redevelopment Authority’s (URA) flash estimates showed private home prices rose 15.9 per cent in the third quarter – a sharp turnaround from the 4.7 per cent fall in the second quarter, and snapping four straight quarters of decline.

Overall, prices are back to where they were at the start of the year. And analysts said the data affirms the generally positive mood among buyers.

Brisk home sales in recent months, especially for units above S$2,000 per square foot, have seen overall prices recording their highest turnaround on record, since the data was first collected in 1975.

Analysts said it is mainly sentiment that is driving higher the demand and price increases.

Elaborating on the factors, Donald Han, managing director, Cushman & Wakefield, said: “In general, the feel good factor, the convergence of a few positive factors, particularly the stock market turnaround – we saw the green shoots come out from some economic indicators. Continue reading →

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Smaller prime district homes lead Q3 surge

Posted on 30 Sep 2009 | Comments Off

Luxury condo prices up 17% from Q1; new peak for prime area landed homes

Latest figures from DTZ show that prices of completed landed and non-landed private homes in various segments continued to recover in the third quarter after bottoming out in the first quarter of this year in the aftermath of the global financial crash.

One of the strongest price gains was reflected in the average price of freehold completed prime district condos, which rose 22.3 per cent from the recent low of $1,120 per square foot in Q1 to $1,370 psf in Q3. ‘As more buyers were drawn to the market, average private home prices continued on the uptrend in Q3 2009, led by smaller homes in the prime districts of 9, 10 and 11,’ DTZ said.

The average capital value for DTZ’s basket of completed luxury freehold condos rose 17 per cent from $1,880 psf in Q1 to $2,200 psf in Q3; however, the latest figure is still 21.4 per cent shy of the all-time high of $2,800 psf in late 2007/early 2008.

The recovery in home buying and prices in Q2 and Q3 this year also rubbed off on the landed housing segment. The average price of completed freehold landed homes in prime districts 9, 10 and 11 appreciated 15.9 per cent from the recent low in Q1 to scale a fresh peak of $1,383 psf of land area in Q3, according to DTZ’s data.

In the 99-year suburban landed market too, the average capital value of $593 psf as at Q3 was up 9.4 per cent from Q1. Continue reading →