Despite property developers rolling out fewer new property launches last year, sales of new private homes rose 2.9 per cent from 2014, to ring the tills at 7,529 transactions in 2015. The number of new homes launched last year was in fact 8.2 per cent lesser than that of 2014. Buyers may have realised that property prices are stabilising and will not decline much more, and thus are returning to the market to pick off already-better deals.
Photo: The Trilinq
759 new private property units were sold in November alone last year, buoyed by the launch of The Poiz Residences. In December, there were 384 transactions recorded, 154 more in a year-on-year comparison with December 2014. Though 2013’s peak saw 14,948 new home sales, almost double that of last year’s, the signs are more positive than expected. Property investors may also be picking up real estate as the stock market remains volatile. Perhaps declining property prices have also managed to strike a chord with investors. At The Trilinq for example, which first launched at prices of $1,545 psf in 2013, have since trimmed their prices to $1,329 psf.
Market activity this year will await to be seen as the interest rates hikes and loan restrictions combined, and the reduction of land sites sold this year, may deter buyers and lower demand. Industry analysts are however remaining positive, projecting 8,500 new private home sales this year. They are expecting lower overall quantum prices to be the draw of this years’ property market.