Dishing out mega-projects such as Avenue South Residence and Parc Clematis, the larger developers made their move in the 3rd quarter of 2019 as buyers showed signs of returning to the market.
In Q3 2019, the PropertyGuru Singapore Property Price Index (SPPI), which focuses on the asking prices in the non-landed private residential market, fell by 0.8% to 102.4 in the previous quarter. This marks a steady decline since the start of 2019, and a fall of 3.1% year-on-year since the highs of Q3 2018, when the Singapore government’s additional cooling measures came into effect.
The tapering of the SPPI likely points to an increasing number of sellers entering the market and moderating their expectations to secure buyers
Meanwhile, The PropertyGuru Singapore Property Supply Index (SPSI), which focuses on the number of non-landed private residential listings posted on PropertyGuru, saw a gain of 14.9% from 94.5 in the previous quarter to 109.2 in Q3 2019. This marks the biggest increase in the SPSI in more than a year. In total, 20 postal districts reported an increase in the number of listing postings which, when viewed in perspective with the increased transaction volume in Q3 2019 that saw 5,763 total units transacted, could indicate a significant reboot in market activity—on both the buying and selling fronts—since the implementation of additional property curbs last July.
Key Highlights Of The Property Market Report Q3 2019
- For the second successive quarter, asking prices in the non-landed private residential market continued to taper slightly downwards as the number of listings increased, which likely point to an increasing number of sellers entering the market and moderating their expectations to secure buyers
- Large and mega-scale newly launched private residential projects proved popular with buyers in the quarter, with five of the top 10 best-selling condominiums located in Districts 3 and 5
- After seeing a significant increase in asking prices from the previous quarter and year-on-year respectively, District 7 looks set to become the most expensive residential district in Singapore, taking into account three new and upcoming projects in the Bugis precinct
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