Defying the Mid-Year Lull? June Resale Private Home Sales Dip 0.2% as Prices Hold Firm

Is Buying Interest Shifting to the Resale Market? June Non-Landed Private Home Resale Volumes Hold Steady, Prices Up 5.2% Year-on-Year

Despite June being a traditional lull period for real estate—characterised by fewer new project launches and school holiday travel—Singapore's non-landed private residential resale market held firm. Data shows that resale volume dipped by a marginal 0.2% to 955 units in June, yet logged a 9.2% increase compared to the same period last year. Resale prices remained resilient, rising 5.2% year-on-year (YoY), underscoring underlying market strength.

According to flash estimates, the non-landed private home resale price index edged up by 0.04% month-on-month (MoM) in June. Across market segments, prices in the Core Central Region (CCR) rose by 1.2%, while the Outside Central Region (OCR) posted a slight gain of 0.3%. In contrast, the Rest of Central Region (RCR) slipped by 0.9%.

Buyers Returning to Resale Market Amid Elevated New Launch Prices and Slower Supply

With new launch prices remaining elevated, ongoing economic uncertainties, and limited new launches available in June, more buyers have turned their attention to the resale market for greater value.

Over half of June's resale transactions took place in the mass-market Outside Central Region (OCR), followed by mid-tier homes in the RCR (accounting for 30.5%), while prime CCR residences made up 18.2%.

Notably, a high-profile transaction at the luxury Orchard development Sculptura Ardmore changed hands at a record-breaking $6,013 per square foot (psf). While overall transaction volume in the CCR remained modest, such high-value transactions provided a noticeable uplift to the overall price index.

CCR Leads Price Growth; Resale Market Outlook Bullish for 2H

Price growth in the CCR outpaced other submarkets, as an upcoming pipeline of high-end launches prompted buyers to position themselves early, spurring active resale activity in the area.

Resale demand in the second half of the year is likely to be underpinned by HDB upgraders and spillover demand from the new home market. The prevailing lower Singapore Overnight Rate Average (SORA) also continues to lend support to resale financing.

Meanwhile, data released for the same period by the Institute of Real Estate and Urban Studies (IREUS) at the National University of Singapore indicated that non-landed private residential resale prices rose 0.6% MoM in June, with non-central region apartments rising 0.5% and small apartments (shoebox units) inching up 0.2%.

Resale Market Gaining Traction

The steady performance of the resale market highlights a strategic pivot by buyers navigating the current high-rate and elevated-price environment. Whether for upgraders, investors, or first-time homebuyers, the resale market is increasingly presenting itself as an attractive proposition.

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