The private housing market saw a slight upturn in November as resale prices went up from the previous month, according to flash estimates from SRX Property.
Resale prices for non-landed homes increased by 0.6 per cent month-on-month, with the main price jump in the Core Central Region (CCR) at 3 per cent. The Rest of Central Region (RCR) saw a bump of 1.3 per cent, but the Outside Central Region dipped 0.8 per cent, according to the report released on Tuesday (Dec 8).
Overall resale prices, however, decreased 1.3 per cent compared to the year before, and were 7 per cent down from the peak in January 2014, it added.
There were fewer resale transactions last month though, as an estimated 488 private homes changed hands. This was a 2.8 per cent decrease from October’s 502 units, it said.
On a year-on-year basis, resale volume jumped 31.2 per cent compared to last November’s 372 units, the report added.
The median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, was flat.
For districts with more than 10 resale transactions, District 16 (Bedok, Upper East Coast) posted the highest median TOX of S$35,000. This means that most of the buyers in the district purchased their units above the computer-generated market value.
The lowest median TOX was in District 9 (Orchard, Cairnhill, River Valley) at -S$70,000, which means most buyers in the district purchased their units below the computer-generated market value.
Source : Channel NewsAsia – 8 Dec 2015