Private home resale prices fall to 21-month low: SRX

The resale prices for non-landed private homes continued its downward trend in July, falling 1.3 per cent month-on-month, according to flash estimates from the Singapore Real Estate Exchange (SRX) on Monday (Aug 11).

The decline represented a 21-month low since October 2012, SRX said, and the fall in prices were felt in all three regions. Prices for the Core Central Region fell the most with 4 per cent, while Rest of Central Region and Outside Central Region dropped 1.1 per cent and 0.6 per cent, respectively.

The median Transaction Over X-value (TOX) for the majority of districts – 18 out of 24 – was negative in July. For districts with more than 10 resale transactions, districts 9 (Orchard, Cairnhill, River Valley), 15 (Katong, Joo Chiat, Amber Road) and 23 (Bukit Panjang, Choa Chu Kang) saw the most negative median TOX at -S$130,000, -S$40,000 and -S$30,000, respectively.

This means that majority of the non-landed private property buyers last month in these districts purchased their units below what other buyers who came before them paid for in similar units, SRX said.

Conversely, districts 5 (Pasir Panjang, Clementi) and 16 (Bedok, Upper East Coast) posted positive TOX values of S$40,000 and S$10,000, respectively.

In terms of resale volume, there were an estimated 431 transactions in July, compared with 427 in June. The volume dropped 20.5 per cent from the same month last year, SRX said.


As for rental transactions, the number of full units rented out in July was 3,360 – representing a 5.3 per cent on-month hike. Year-on-year, rental volume improved by 9 per cent from the 3,082 contracts signed in July 2013, according to the data.

Rental prices went down, though, slipping 0.8 per cent from the previous month. It is a 38-month low since May 2011, SRX added.

The decline was greatest in the Rest of Central Region at 1.4 per cent, while Core Central Region dipped 1.1 per cent. Prices for Outside Central Region improved slightly by 0.3 per cent.

Source : Channel NewsAsia – 11 Aug 2014

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