Friday, July 27, 2012

Private home prices scale to new high

Private home prices climbed 0.4 percent in Q2 2012, up from the 0.1 percent rise in Q1, according to the Urban Redevelopment Authority (URA).

Prices of non-landed properties in the Core Central Region (CCR) and Rest of Central Region (RCR) grew 0.6 and 0.4 percent respectively while the Outside Central Region (OCR) saw prices grow by 0.5 percent.

Likewise, rents for private residential properties went up 0.3 percent during the quarter, replicating the rise seen in Q1.

Meanwhile, 6,115 uncompleted private homes were launched in Q2, down from 6,903 in the previous quarter while 5,402 units were sold compared with 6,526 in Q1.

For new home sales, units priced below S$750,000 accounted for 27 percent of the supply or 1,435 units. This is lower than the 42 percent or 2,766 homes recorded last quarter.

Resale transaction volumes also grew to 3,487 units from 2,206 in the previous quarter, with transactions contributing 37 percent of all sales in Q2.

In addition, the total supply of uncompleted private homes increased to 83,251 units from 78,572, setting the record for highest volume since data was first made available in 1999.

View the original article here

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