Private Home Prices are Expected to Drop 5 to 15 Percent During 2016 and 2017
OCBC Investment Research stated that it expects the private home prices to go down 5 to 15 percent over the next two years. Analyst, Eli Lee has reported that residential rents may from 8 to 15 percent over the next two years. He pointed out the three key reasons that the domestic residential prices will change so much over the next two years.
First, there is an oversupply of housing, which can increase vacancy rates. Next, floating mortgage rates will rise along with interest rates. This will affect housing and rental affordability. Finally, curb reversals after the price declines will reach the double digits beginning in 2016.
During the first 11 months of the year, 7,380 private homes were sold. For all of 2015, consultants are estimating that sales stay around 7,500. This is very close to the 7,557 that were sold in 2014.
Tender for CCK Inz Residence EC
For 2016, is is estimated that 6,000 to 9,000 private homes will be sold.
The seller’s stamp duty (SSD) and the additional buyer’s stamp duty (ABSD) that was imposed in 2010 and 2011 may actually have a strong impact on the high end housing.
The value of property that is auctioned off has reached a 5 year high of $102.27 million. However, the number of sales have not increased. While the number of sales this year are the same as the last, the total value has increased by 41 percent. Residential homes have dominated the listings, and 26 homes were put up for auction. Also, the auction market has been very quiet, with sales plunging 76 percent and only four properties have been sold this quarter. There were only four properties that have been sold this quarter, this is down from the 12 that were sold last quarter. Three properties were sold as mortgage sales, two were residential properties and one was an industrial property.
Qingjian Realty Choa Chu Kang EC
Aside from 2013, the number of properties that were put up for action since 2009 was much higher than the number of industrial and commercial sites. In 2013, residential real estate made up 46 percent of all listings. Qingjian Realty Inz Residence will be available for viewing soon. It is located near to Choa Chu Kang MRT Station.
In the last two years, there has been a significant increase in the number of mortgage properties that made up a portion of auction sales.
Brickland Choa Chu Kang Ave 5 EC Price
Because there are increases in interest rates for Inz Residences EC and softening of the rental market expected, the chances that mortgage sales will go up in 2016 is expected. Residential properties are expected to make up the majority of these. According to an analyst, auctions are going to be seen as a way to get a good property at a great price, despite the marginal, general decline in price.