DTZ estimates for 2Q 2010 - weaker overall sentiment?

By The Folks @PropTalk - June 25, 2010 No Comments

Accordingly to DTZ estimates published in the ST today, price rises of non-landed private resale homes have generally slowed this quarter, to under 3% in most areas, amid weaker buying sentiments.

However, prime homes hit a new price high, and price rises for suburban homes grew at a much faster rate.

Suburban resale condominium and apartment prices leapt by 4% for the quarter ending June 30 compared to the first quarter, to yet another new high.

DTZ said resale prices of leasehold suburban homes climbed 4% quarter-on-quarter to $648psf, compared with the 2.1% rise in the first quarter. The 2007 peak for these homes was at $615psf.

Otherwise, the rise in housing prices has generally slowed in the second quarter as resistance to high asking prices and stock market uncertainty caused many buyers to take a “wait-and-see” approach.

Price rise for resale freehold condo units in prime districts 9, 10 and 11 came in at a slower 2.6%, down from 3.7% in the first quarter. But that still brought prices to a new high of $1,493psf, which is 0.7% higher than the previous 2007 record of $1,483psf.

Prices of resale freehold condo units outside the prime districts rose 2.9% to hit a previous 2007 peak of $747psf, down from a 4.2% rise in the first quarter.

Only prices for luxury condo apartments have yet to reach the previous peak. They are still 7.6% off the 2007 record of $2,800psf, despite rising 3.5% to $2,588psf.



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