Singapore condo resale prices up 1.2% to hit new high in May: SRX

Prices of private condominiums and apartments continued their climb in May to hit a new high, although volumes slightly dipped according to flash data from real estate portal SRX Property released on Tuesday.

This comes as the monthly price change for April 2018 was revised sharply upwards to 1.2 per cent, from the earlier estimate of 0.6 per cent.

Resale prices of non-landed private properties rose 1.2 per cent compared to April 2018 and jumped 10.8 per cent from May 2017. The prime district, or Core Central Region (CCR), hit a new high after increasing 1.3 per cent over the previous month.

The Outside of Central Region (OCR) rose 1.8 per cent compared to the previous month, while prices in the Rest of Central Region (RCR) remained unchanged.

Compared to last year, prices had increased in each geographic segment, with the CCR, RCR and OCR recording price increases of 11.2 per cent, 11.4 per cent, and 9.9 per cent respectively.

Resale volume stood at 1,560 units, 0.6 per cent lower than the 1,570 units resold in April, and 25.5 per cent higher than the 1,243 units resold last May.

But this was still lower by 23.9 per cent compared to the peak of 2,050 units resold in April 2010.

Overall median Transaction Over X-Value (TOX) was positive S$18,000 in May, a decrease of S$2,000 compared to the previous month’s showing.

TOX measures how much a buyer is overpaying or underpaying on a property based on SRX Property’s computer-generated market value.

Among areas with more than 10 resale transactions in May, District 9’s Orchard, Cairnhill and River Valley posted the highest median TOX at positive S$80,000 which suggests that a majority of the buyers in that district purchased units above the computer-generated market value.

Meanwhile, the Kranji and Woodgrove areas that constitute District 25 recorded the most negative median T-O-X of a negative $7,000, suggesting that a majority of the buyers in that district purchased units below the computer-generated market value.

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