More want pricier homes (27/08 – ST)

The property boom is fast spreading to the upper reaches of the market, with more people buying premium-priced homes, according to data from property consultancy DTZ. The firm's analysis of caveats lodged shows that 22 per cent of total private home sales in the second quarter were for homes priced above $1.5 million, compared to 10 per cent in the first quarter. Buyers living in private residences bought 4,651 homes between April and June, more than the 3,710 homes purchased by HDB-based buyers. DTZ said that this showed a spillover of demand from the mass market to the mid- and higher-tier segments. It is a turnaround from the first quarter, when HDB upgraders and first-time buyers outnumbered buyers living in private homes. Seven in 10 buyers of new private homes in the first three months of the year had Housing Board addresses. The DTZ data highlights that 25 per cent of property hunters snapped up homes in the prime 9, 10 and 11 districts in the second quarter, up from 14 per cent in the first quarter. It was the first time in 11/2 years that sales in prime districts exceeded 20 per cent of total sales.