Condo resale market in September 2024: Prices edge up as buyers return, volumes dip amid competition from new launches With signs that a rate cut may be on the horizon, potential buyers can now qualify for larger loans and enjoy more manageable monthly payments, thus enhancing affordability in the condo market.
This combination of factors may have contributed to the observed decline in condo resale volumes during September.According to the SRX Price Index for Condo Resale in September 2024, overall condo resale prices in Singapore rose by 0.8 per cent month-on-month. By region, the Core Central Region saw a modest 0.2 per cent price increase, while the Outside Central Region experienced a more robust 1.2 per cent rise.Resale condo transaction volume declined by 5.
In September 2024, sub-sale transactions made up 7.6 per cent of total secondary sales, a 1.2 per cent decrease from August, indicating a cooling of activity in this particular market segment.Despite broader market fluctuations, high-value condo resale transactions in Singapore have demonstrated the enduring appeal of luxury properties, particularly in prime locations.
The development’s prestigious reputation, combined with its accessibility and freehold tenure, makes it an attractive option for buyers seeking a balance between luxury and lifestyle. The substantial price tag for a unit in this area reflects the growing appeal of high-end living in suburban regions, where spacious homes, privacy, and access to amenities have become increasingly important considerations for buyers.On the financial side, the overall median capital gain for resale condos in September 2024 was $366,000, a modest increase of $5,000 from August.