Private apartment resale prices dip in March, but volume up: SRX Property

Resale prices of non-landed private homes dipped by 0.2 per cent in March compared to the previous month, according to flash estimates from SRX Property on Tuesday (Apr 14).

Year-on-year, resale prices dropped 3.9 per cent from March 2014. Compared with the recent peak in January 2014, prices have declined 6.2 per cent, SRX said.

Resale prices of private homes in the Core Central Region and the Outside of Central Region plunged 0.3 per cent and 0.4 per cent month-on-month, respectively. However, prices in the Rest of Central Region rose 0.4 per cent.

Resale volume increased in March, with 440 units resold, a 31 per cent increase from February, which saw 336 units resold. Year-on-year, resale volume was 18.6 per cent higher compared with the 371 units transacted in March 2014.

TOX REMAINING IN NEGATIVE TERRITORY

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value, remained at -S$10,000 last month, the same as in February.

For districts with more than 10 resale transactions, district 27 (Yishun, Sembawang) had the highest median TOX of S$11,000. This means that majority of the buyers in this district purchased units above the computer-generated market value, said SRX.

Conversely, the lowest median TOX was in district 9 (Orchard, Cairnhill, River Valley) and district 11 (Watten Estate, Novena, Thomson) at –S$50,000, followed by -S$40,000 in district 10 (Bukit Timah, Holland, Tanglin).

Source : Channel NewsAsia – 14 Apr 2015

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