Singapore condo resale prices up 0.5% m-o-m in April, volumes up: SRX Property

RESALE prices of non-landed private homes in Singapore rose 0.5 per cent in April 2016 over the previous month, based on SRX Property’s flash estimates for last month released on Tuesday.

This follows a 0.1 per cent month-on-month gain for March 2016 – a revision from the 0.3 per cent increase that SRX Property had indicated earlier based on its flash estimates for March.

Giving a geographical breakdown of April’s price performance, SRX Property said on Tuesday that prices rose 0.7 per cent month on month in the Core Central Region (CCR) and 1.3 per cent in the city-fringe or Rest of Central Region (RCR). However, prices in the suburbs or Outside Central Region (OCR) slipped 0.2 per cent.

Year on year, the April 2016 overall resale price index for non-landed private homes was down 0.5 per cent from April 2015. The CCR and RCR posted year-on-year price gains of 3.2 per cent and 0.9 per cent respectively, while prices in OCR eased 2.9 per cent over the same period.

The overall price index for April is down 7.1 per cent from its recent peak in January 2014.

SRX Property estimated that 689 non-landed private homes were resold last month – up 17.6 per cent from the 586 units resold in March 2016. The latest figure also translates to a three-year record since the last high of 726 units in May 2013.

Year on year, the resale volume in April 2016 was 28.1 per cent higher than the 538 units transacted in the same month last year.

That said, last month’s resale volume was 66.4 per cent lower than the peak of 2,050 units resold in April 2010.

SRX Property’s data showed that the overall median transaction over X-Value (TOX) improved to negative S$9,000 in April 2016 from negative S$10,000 in March 2016.

The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated market value or the so-called X-Value.

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