Resale prices of non-landed private homes hit a 16-month low in April, while the resale volume last month reached its highest since last October, according to the latest flash estimates from the Singapore Real Estate Exchange (SRX). Sellers have become more realistic about selling prices, owing to the 60% cap with the introduction of the total debt servicing ratio (TDSR) framework on buyers, notes Eugene Lim, key executive officer at ERA. This is especially so for units with a higher price quantum, as some buyers are affected by the loan curbs, he adds.

Overall resale prices of non-landed private residential properties slipped by 1.7% m-o-m in April, registering their lowest level since December 2012, according to the SRX. The Rest of Central Region (RCR) led the fall, with prices dropping 3.6%. This was followed by a 2.3% drop in the Core Central Region (CCR), while prices in Outside Central Region (OCR) rebounded by 0.4%.

More than half of the non-landed private property buyers paid prices that were below those of recent transactions for their units last month. About 476 resale transactions were registered in April, an increase of 24.6% from the previous month, which is the highest resale volume since October last year. However, the figure is still 26.7% lower compared with the 649 units resold in April 2013.