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The second reason is the return of affluent foreign buyers. If so, there’s no end to new launches upcoming in 2021 in the region, such as Canninghill Piers and Perfect 10. These types of boutique properties are small in number so buyers unable to secure a unit are likely to cast their gaze over the wider CCR market. The cheapest unit transacted there so far was at $6.7 million – an amount that could get you a landed home in a decent location. The boutique Park Nova at Orchard – which only recently launched – has already sold 18 units, at an average price of $5,016 psf. It’s certainly no small feat given the large sizes and subsequently large units. In August, for example, Les Maison Nassim saw a jaw-dropping transaction at $5,786 psf, or $35 million, which was the record for the month. There’s a growing demand for luxury homes in 2021. Note that apart from Leedon Green (CCR), Normanton Park (RCR), and Avenue South Residence (RCR), all other developments were in the OCR.ĭespite the CCR’s apparent slowdown in Q3, there are two reasons they could start catching up now Source: URA (Developer Sales For August 2021) as of 10 October 2021. Follow us on Stacked so we can provide you with an update. Read this next Commentary CCR Condos Are Showing Signs Of An Improvement Here’s Why by Ryan Jĭetails for the best sellers of September 2021 are not yet released at the time of writing. In the CCR, condo prices averaged $2,387 psf, while RCR condos averaged $1,781 psf. But this is mainly on the back of Normanton Park and Avenue South Residence, where developers raised prices. In the previous quarter, RCR home prices were only up 0.1 per cent. The RCR saw the highest increase with prices up 2.2 per cent. This is despite the majority of top sellers – at least for the month of August – coming from this region.
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Interestingly, the red-hot Outside of Central Region (OCR) market also saw prices drop a decrease of around 0.2 per cent, down from a 1.9 per cent increase in the previous quarter.
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The Core Central Region (CCR) saw prices dip by 0.6 per cent, as opposed to a 1.1 per cent increase in Q2. As it turns out, most buyers have shrugged off these concerns. It was thought that a combination of the Heightened Alert (July to August), and the Seventh Month Festival (August to September) would see a much cooler market in Q3. While modest, Q3 mostly beat expectations. URA flash estimates show prices edging up to around 0.9 per cent, broadly similar to the pace set in Q2 ( 0.8 per cent rise). The condo market retains its momentum, climbing for the sixth consecutive quarter. How do non-landed residential prices look in Q3 2021? Let’s look at what’s been happening and some of the possible reasons why: Prime region properties, which were lagging far behind fringe region counterparts, have shown signs that demand could be on the uptrend. Overall home prices continued their steady upward pace in 2021 but property analysts have tipped private property prices to continue their rise as 2021 comes to a close.