Singapore private home resale prices rise for fourth straight quarter in Q2

Prices increased by 1.1% during the quarter.

In a report, OrangeTee said prices of private resale properties in Singapore continued to climb in the second quarter of 2024, marking the fourth consecutive quarterly increase. The uptrend was primarily driven by notable price gains in the city fringe and suburban areas. 

According to data from the URA Realis, the average resale prices for both landed and non-landed homes, excluding executive condos (EC), saw a 1.1 per cent rise from S$1,695 per square foot (psf) in the first quarter of 2024 to S$1,714 psf in the second quarter. This is the first time that average resale prices have surpassed the S$1,700 psf mark. 

Here’s more from OrangeTee:

Last quarter, the Rest of Central Region (RCR) experienced a moderate surge in average prices, with a 2.9 per cent increase from S$1,781 psf in Q1 2024 to S$1,833 psf in Q2 2024, a substantial reversal from the 0.3 per cent quarter-on-quarter (q-o-q) decline seen in Q1. The Outside of Central Region (OCR) also observed notable growth, with prices rising by 3.5 per cent from S$1,444 psf to S$1,494 psf during the same period, which was a stark improvement from the 0.2 per cent q-o-q drop experienced in the preceding quarter. In contrast, the average resale prices in the Core Central Region (CCR) dipped by 3.6 per cent from S$2,226 psf to S$2,147 psf in Q2 2024, following a 5.1 per cent increase in Q1. 

In the first half of 2024, the average price of resale condos excluding EC rose 4.8 per cent from S$1,618 psf in 1H2023 to S$1,696 psf in 1H2024, while the average price of new condos excluding EC dipped 7.6 per cent over the same period from S$2,574 psf to S$2,379 psf. As resale prices have risen faster than new sales, the price gap between the two narrowed from 59.1 per cent to 40.2 per cent over the same period. However, the current price gap is still wide compared to the recent lowest level of 2 per cent in 2H 2012. In 1H2024, the price gap is widest in OCR at 49.9 per cent, followed by CCR at 46.6 per cent and RCR at 44.7 per cent.