Thursday, June 29, 2017

Singapore private resale prices increase 0.4% in May, volume increases 17.4%

SINGAPORE - Resale prices of non-landed private homes in Singapore increased 0.4 per cent in May, flash estimates from SRX Property showed on Tuesday (June 13), with 17.4 per cent increase in volume of sales compared to May 2016.

Prices last month also increased by 1.5 per cent compared to a year ago, but still remained 5.2 per cent below the recent peak in January 2014, SRX release stated.

The increase was led by a 1.1 per cent jump in prices in the prime region or Core Central Region (CCR) as well as in the city fringes or Rest of Central Region, (RCR). Prices in suburban areas or Outside Central Region (OCR) decreased by 0.4 per cent.

In individual sectors, CCR and RCR recorded a year-on-year price increase of 3.5 per cent and 2.3 per cent respectively, while OCR recorded a year-on-year price decrease of 0.2 per cent.

An estimated 1,235 non-landed private residential units were resold in May 2017, a 17.4 per cent increase to 1,052 units resold in April 2017. It was a whopping 57.7 per cent jump compared to May 2016, when 783 units were resold, but was down 39.8 per cent compared to its peak of 2,050 units resold in April 2010.

The median transaction over X value for non-landed private homes, which measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value, was S$2,000 in May 2017 compared to S$5,000 in April in 2017.

Harbourfront and Telok Blangah districts posted the highest median TOX at positive S$60,000, while Changi district posted a negative TOX of S$21,000.