Private apartment resale prices flat in February: SRX Property

Resale prices of non-landed private homes were flat in February from the previous month, while resale volume remained low, according to flash estimates from SRX Property on Tuesday (Mar 10).

Year-on-year, resale prices dropped 3.2 per cent from February 2014. Compared with the recent peak in January 2014, prices have declined 5.8 per cent, SRX said.

Resale prices of private homes in the Core Central Region and the Outside of Central Region rose 1.5 per cent and 2.0 per cent month-on-month, respectively. In comparison, prices in the Rest of Central Region fell 0.8 per cent.

Resale volume remained low, with 321 units resold in February, a 6.7 per cent decrease from January, which saw 344 units resold. Year-on-year, resale volume was 36.6 per cent higher compared with the 235 units transacted in February 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 January.

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

Conversely, district 15 (Katong, Joo Chiat, Amber Road) had the lowest median TOX with -S$31,000, followed by district 23 (Bukit Panjang, Choa Chu Kang) with -S$20,000.

Source : Channel NewsAsia – 10 Mar 2015

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