Read article: Apartment rents went up 3.3% in February
Housing Board (HDB) resale level quantities hit a 30-year reduced, plummeting 78.3 percent in April from March, as circuit breaker steps set in place to stem the spread of this coronavirus curtail house viewings.
Only 423 apartments changed hands , 78.1 percent lower than in April this past year, quotes from property portal site SRX Property revealed on Friday (May 8).
That is the lowest since May 1990 if 778 apartments were resold, as well as lower compared to 2,160 flats totaled in April 2003 through the severe acute respiratory syndrome (Sars) outbreak.
Prices also fell, decreasing by 1.5 percent for three-room HDB apartments, 0.2 percent for four-room apartments, and 1.8 percent for executive apartments.
In general, resale prices in April were 0.04 percent lower than in March, though they were 1 percent higher than in April this past year.
Ms Christine Sun, head of consultancy and research in OrangeTee & Tie, stated last month’s trades were maybe the cheapest sales volume on record, according to government information.
She explained:”While earnings requirement usually moderates through an economic meltdown, the month’s trade (quantity ) was substantially lower than that which was detected in previous disasters.
“The stay-home steps have complex the entire home-buying procedure, such that physical home viewings weren’t allowed and potential buyers had to rely exclusively on distant methods like virtual home tours to appraise the state of a resale property prior to purchasing anything.”
Although immersive virtual house tours could be provided, some buyers might still prefer a physical review of the components, Ms Sun said, adding flat sales will probably pick up when home viewings resume.
Saying the resale amount”dropped off the cliff”, Mr Mak said that HDB resale trades could decrease by around 25 percent this year.
Of the apartments totaled in April, roughly half of this volume comes from four-room flats, 26.7 percent from five-room flats, 22.5 percent from three-room apartments and 9 percent from executive units.
The maximum price paid for a resale level last month was $1.01 million to get a five-room unit in SkyTerrace @ Dawson at Queenstown. SRX data revealed that this was the sole apartment that sold for over $1 million final month.