Transaction volumes for non-landed personal resale houses dropped for the 2nd successive month by 1.5 percentage to 743 units in September from 754 units in August, revealed SRX Price Index.
Christine Sun, head of consultancy and research in OrangeTee & Tie, said the decrease in volumes proved to be a recurring seasonal pattern observed over the past years when earnings transactions dropped in September but rose in October.
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“Buyers will typically go back to the marketplace following the seventh lunar month that ends in August but it requires some time for those earnings to be transformed. The sales transactions might just be reflected about two weeks afterwards,” she clarified.
On an yearly basis, nevertheless, trade volumes rose 8.5 percent in September 2018 and therefore are 5.1 percent greater than the average.
“That is despite a 0.2 percentage month-on-month and 0.8 percent year-on-year cost increase and also against a backdrop of continuing global economic instability and an increasing source of new houses being published.”
She noticed that trades for non-landed private resale houses have been on the uptrend because the third quarter of 2018, following the authorities introduced heating steps in July this past year.
According to complex quotes using SRX info, the complete private resale volume may surpass 2,350 units for its next quarter of 2019 and exceed the entire resale arrangements registered in the next quarter.
“But, Q3’s resale quantity remains lower compared to the amount sold in Q1 2018 and Q2 2018 prior to the cooling steps were employed,” she explained.