Private property prices on the rebound?

It is important to note that developer sales for the January 2009 to April 2009 was already 90% the volume for the whole of 2008. Let me point out. AN INCREASE IN VOLUME DOESN'T ALWAYS MEAN AN INCREASE IN PRICE!!! Simple analogy. Just sell the same plate of chicken rice which used to go for $2.50 for a dollar. People will flock to you but that is because your price is low.

Let me give you some examples...

1) Six units at Belle Vue Residences at Oxley Walk were sold in August 2008 at a median price of $2,044 psf. However, two units were sold at a median price of $1,503 psf in April 2009.

2) One unit at The Lincoln Residences was sold in September 2008 for $1,435 psf, compared with 39 units in 2009 where prices ranged between $927 psf and $1,293 psf.

3) 13 units at Mulberry Tree at Moulmein Road were sold in September 2008 at a median price of $1,337 psf, compared with four transactions in 2009 at between $1,194 psf and $1,217 psf.

4) 19 units at RV Suites at River Valley Road were sold in November 2008 at a median price of $1,350 psf, compared with 35 transactions in 2009 at a median price of $1,180 psf.

(side note: I think it's ridiculous that a property at Moulmein is more expensive than River Valley)

So it is important to tell owners that the reason that hotcakes are selling like hotcakes is because they are priced like hotcakes!!!

A lot of sellers will say "Private property transactions have gone up! Therefore prices have gone up! I want to sell my house for 50% more than what I was asking before." I don't disagree with the fact that an incrased demand will push prices up. It's just that it ain't going to be much.

Final point: Private property transactions have gone up tremendously BECAUSE prices have come down. If you take away the latter, you will see transactions slow down.