Resale Market Rebounds: End of School Holidays and Lower Interest Rates Boost Buying Demand

July Resale Condo Market Rebounds: Volume Surges as Prices Edge Up

Singapore's non-landed private residential resale market saw a modest recovery in July. With the end of the school holidays, buyers gradually returned to the market, further encouraged by positive news of impending interest rate cuts. Overall resale prices rose by 0.7% month-on-month (MoM), while resale volume surged by 15.1% MoM.

According to the latest flash estimates, non-landed private home resale prices climbed 0.7% MoM and 5.3% year-on-year (YoY). The mid-tier Rest of Central Region (RCR) recorded the most notable gain, advancing 2.1% MoM. Resale prices in the mass-market Outside Central Region (OCR) edged up by 0.1%, whereas the prime Core Central Region (CCR) slipped 2.1%.

Resale volume also put on a strong showing, rising from 935 units in June to 1,076 units in July. Although this still reflects a 5.6% decline YoY, the robust month-on-month rebound signals a steady return of buying momentum.

In terms of transaction breakdown, the OCR remained the primary driver, accounting for 50.5% of all resale deals, followed by the RCR at 32.6% and the CCR at 16.9%. The top resale deal of the month was a four-bedroom unit at Boulevard 88 along Orchard Boulevard, which fetched $13 million.

What the Experts Say

The return of buyers was largely concentrated in OCR and RCR developments, which are typically favoured by families and HDB upgraders. In contrast, the luxury segment in the CCR remained comparatively subdued.

Local buyers tend to gravitate towards resale properties in the suburban and city-fringe areas, where price points are perceived to be more attractive than new launches. Analysts anticipate that while demand should remain resilient, new project launches from developers could dilute buyer attention, keeping resale price growth measured rather than sharp.

Overall, the July resale market showed encouraging signs, marked by a robust recovery in transaction volumes and steady, moderate price growth, pointing to a healthy and resilient broader market.