Condo resale prices down 0.4% in June, breaking 4-month uptrend
Condo resale prices slipped 0.4 per cent in June from May to break a four-month run of increases, according to flash estimates yesterday.
June's decline follows a 0.4 per cent gain in May.
Prices in the core central region saw the biggest fall, down 0.7 per cent, while the outside central region areas retreated 0.4 per cent.
Values in the city fringes, known as the rest of central region, were unchanged from May, according to the estimates from real estate portal SRX Property.
Sale volumes fell as well, with 666 units resold in June, down 20.5 per cent on the 838 moved in May.
The decline was bigger year on year, with 41.8 per cent fewer units resold compared with June 2018.
However, overall condo prices were higher by 1.6 per cent than in June last year.
"The price decline in the core central region could be attributed to fewer super luxury homes being sold in June," said Ms Christine Sun, head of research and consultancy at OrangeTee & Tie.
Urban Redevelopment Authority data showed there were 19 resale condos sold above $3,000 per square foot (psf) in May, including two units that were transacted above $4,000 psf.
Only 11 units were sold above $3,000 psf in June, said Ms Sun.
She added that the lower overall sales volume is within expectation as buying activity is typically slower during the June school holidays.
"Sales volume was much higher last June as the property cooling measures were not implemented then," she said.
Ms Sun expects increased marketing activity in coming months due to more project launches, with buying interest from the primary market potentially spilling over to the resale sector if sellers can't match buyer price expectation.