A recent real estate market report from Singapore reveals that prices for resale flats in the HDB market increased continuously for the 24th month. However, fewer units were sold by June as the large proportion of flats in non-mature estates are being sold these days.
The prices of HDB resale flats increased by 1.2% in the previous month and it shows a quicker pace in comparison to 0.5% in May month. However, if we compare the data with June month of the previous year, the prices went up by almost 11.4%.
Price hikes are observed for all types of flats including non-mature and mature estates. Moreover, among all, the prices for five-room apartments are climbing to the peak with a 1.4% rise. In the previous month, 31 HDB resale flats were sold for at least $1 million which is considerably high in comparison to May month. Note that, out of these sold flats, six each were located in Bukit Merah and Bishan area, five other flats were sold in the central area and four each was reported from Whampoa/Kallang and Ang Mo Kio region.
As per the recent updates from the Singapore real estate market, the most expensive resale flat sold in the previous month was basically a five-room unit developed under Design, Build and Sell Scheme. It was located at Natura Loft in the Bishan area and the sale price was $1,310,000.
The non-mature estates could get the highest price for executive apartments with an estimated size of 1765 sq ft on the ground floor. It was located at Block 608 of Yishun Street 61 and was sold for $1 million. Other than this, 31 million dollar flat contributed to almost 1.4% of total resale transactions in the previous month. However, the resale volume reduced by 0.8% during this tenure; almost 2139 units were sold during this tenure which is reduced from the count of 2156 units in the month before this.
As per the reports provided by property analysts, there was less number of buyers during June month due to holidays, price resistance, and limited stock.
As the resale flat prices are rising now, a higher number of buyers are showing interest in non-mature estates; with this scenario, the prices for mature estate units are falling down. If we analyze the stronger demands in the Singapore real estate market, observations state that prices for non-mature estates have increased by 12.3% in comparison to June month of the previous year. Furthermore, the resale flat prices for mature estates have reduced by 10.2% during the same tenure.
Several price-sensitive buyers are also planning to adjust their budget for the coming months to buy flats in the non-mature estates. Predictions state that several million dollar transactions may occur in the non-mature estates in the coming months. The price ranges may vary as per the location, size of the house, and the view in the surrounding area.
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