More private non-landed homes were resold last month compared with May, while prices held for a third consecutive month as Singapore gradually reopened its economy after a two-month circuit breaker, according to flash data released yesterday.

The number of condominiums and private apartments resold increased to an estimated 497 units last month, a 174.6 per cent increase from the 181 units moved in May, the flash figures from real estate portal SRX Property showed.

Still, last month’s resale volume was 26.3 per cent less than in the same month last year and 40.7 per cent lower than the five-year average volume for the month.

Head of research and consultancy at OrangeTee & Tie Christine Sun said the sales volume recovery was within expectations, given that house viewings resumed after the circuit breaker ended last month.

Ms Sun noted that the private resale market picked up quickly due to “technological tools” which helped buyers shortlist their options during the circuit breaker.

“Virtual house tours and ‘e-open houses’ helped to speed up the buying process for some as they could select and shortlist units remotely prior to the resumption of house viewings.”

Last week, the SRX flash estimate for the Housing Board resale market reflected a similar rebound, where close to seven times more flats were sold last month compared with May.

ERA Realty head of research and consultancy Nicholas Mak noted that the rebound for resale condominiums was “less spectacular” compared with that of the HDB resale market.

This could be because more first-time home buyers would buy an HDB flat than a private condominium unit as the HDB flat is more affordable, he said.

“HDB flat buyers would feel a sense of urgency to buy their first homes. By comparison, some of the buyers of private resale condominium units are HDB upgraders… There is a lower sense of urgency among these buyers.”

Read more at: https://www.straitstimes.com/business/property/condo-resale-volume-recovered-in-june

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