This graph from Propnex Realty research reveals that a bigger proportion of houses were transacted in the price quantum brackets of under $2 million, like most of the Penrose prices when it is launched. The trend was the most pronounced in May 2020 where 95% of new residential properties sold were valued at $2m and under.
This is compared to 89% in April 2020, 90% in March 2020, 92% in February 2020, and 73% in January 2020. This
In the mean time, units priced between $2 million to $3 million declined 5 percentage points to 4% in May 2020.
The report indicates that this is attributable to a myriad of factors, including the sale of a larger number of smaller units and selective discounts given by developers, like the discounts on the Dairy Farm Residences Prices.
Mid-tier and mass market home sectors are said to continue to push demand with the support from home upgraders and owner occupiers.
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