Tuesday, January 12, 2016

More snapping up condos as prices continue to slide


The resale volume of non-landed private residential units rose 10 per cent from the previous month, while prices fell 0.8 per cent, according to SRX Property.


SINGAPORE: Prices of condominiums on the resale market slid by 0.8 per cent in December, despite an increase in the number of transactions, according to a local property index.

The resale volume of non-landed private residential units rose 10 per cent from the previous month, with an estimated 519 units resold in December, SRX Property said. On a year-on-year basis, resale volume was up 44.2 per cent.

However, resale prices fell 0.8 per cent from the previous month, with prices in the Core Central Region, Rest of Central Region and Outside Central Region down 0.5 per cent, 1.2 per cent and 0.7 per cent, respectively.

Overall, prices were down 2.1 per cent compared with a year ago.

MEDIAN TOX DOWN

The median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, fell in December to -S$5,000.

For districts with more than 10 resale transactions, District 27 (Yishun, Sembawang) posted the highest median TOX of S$17,000. The lowest median TOX was in District 12 (Balestier, Toa Payoh, Serangoon), with -S$32,000.