Resale prices of private non-landed homes up 3.2%

Resale prices of private non-landed homes rose strongly by 3.2 per cent in the third quarter, according to flash estimates put out by the Singapore Real Estate Exchange (SRX).

SRX compiles data from 11 top property agencies in Singapore.

It said non-landed private resale home prices hit a historic high of S$1,156 per square foot in Q3.

This gain is led by a 2.5 per cent on-month increase in prices in September.

SRX added that the 3.2 per cent jump in prices for non-landed resale private homes was a contrast to the 2.2 per cent decline in prices of new units over the same period.

Resale units located in the city fringe saw the strongest price gain of 7.1 per cent during the quarter.

Meanwhile, prices of resale non-landed private homes were up 3 per cent in the mass market segment and 0.75 per cent in the core central region.

SRX said rental yields remained stable at 4 per cent in Q3.

SRX’s figure of a 3.2 per cent price increase in Q3 is higher than the 0.5 per cent gain in private residential property prices as reported by the Urban Redevelopment Authority earlier this week.

SRX said that is because its data does not take into account new home sales and it includes transactions done in the last three weeks of September.

On the HDB resale market, SRX said overall median cash-over-valuation rose for the first time this year to S$30,000, reversing a downward trend in the last three quarters.

This has contributed to a 2.3 per cent increase in median prices for HDB resale units in Q3.

Its report also showed that the highest median price is in Serangoon for executive flats at S$690,000 across all HDB towns with at least 10 resale transactions in Q3.

Median monthly HDB rent rose for the first time in four quarters from S$2,300 to S$2,400 between July and September this year.

Source : Channel NewsAsia – 5 Oct 2012

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