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SRX Research

A. Non-Landed Private Residential Rental Market

1. Private rents decrease by 0.6% in August. 
According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.6% in August 2016 compared to July 2016. Non-Landed Private Residential units rents in RCR and OCR decreased by 0.6% and 1.5% respectively. On the other hand, CCR increased by 0.5%.

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According to SRX Property Price Index for Non-landed Private Rentals:

  • Year-on-year, rents in August 2016 were down by 4.7% from August 2015. In individual sectors, CCR, RCR and OCR posted 0.6%, 5.7% and 7.1% year-on-year decrease in price, respectively.
  • Rents in August 2016 was 17.2% down compared to its peak in January 2013.


2. Rental volume increases by 3.4%. According to SRX Property, an estimated 4,595 Non-landed Private Residential units were rented in August 2016. This represented a 3.4% increase from 4,443 units rented in July 2016.

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●       Year-on-year, rental volume in August 2016 was 18.1% higher than 3,892 units rented in August 2015.



B. HDB Rental Market

1. HDB rents decrease by 0.6%. According to SRX Property Price Index for HDB Rentals, rents decreased by 0.6% from July 2016 to August 2016. HDB 3 Rooms, HDB 4 Rooms, HDB 5 Rooms and Executive decreased by 0.4%, 0.6%, 0.1% and 1.6% respectively.

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According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in August 2016 were down by 4.0% from August 2015.
  • Rents in August 2016 were down 10.3% compared to its peak in August 2013

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According to SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

  • Rents in Mature and Non-mature Estates decreased by 1.0% and 0.2% respectively.
  • Year-on-year, rents of Mature Estates in August 2016 slipped 4.0% from August 2015.
  • Year-on-year, rents of Non-mature Estates in August 2016 dropped 3.9% from August 2015.


2. HDB rental volume increases by 0.3%. According to SRX Property, an estimated 1,719 HDB flats were rented in August 2016, a 0.3% increase from 1,714 units rented in July 2016.

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●       Year-on-year, rental volume in August 2016 decreased by 4.1% from August 2015.

1. Non-landed Private Residential Resale Prices decrease by 0.8% in August 2016. Non-landed Private Residential Resale prices decreased by 0.8% in August 2016 compared to July 2016. In individual sectors, RCR and OCR recorded a price decrease of 1.5% and 0.7% respectively. On the other hand, CCR recorded a price increase of 0.1%.

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According to the SRX Non-Landed Private Residential Price Index:

 

∙         Year-on-year, prices in August 2016 decreased by 0.8% from August 2015. In individual sectors, RCR and OCR recorded a year-on-year price decrease of 2.9% and 1.9% respectively. On the other hand, CCR posted a year-on-year price increase of 4.6%.

 

∙         August 2016 prices were down by 7.8% from the recent peak in January 2014.


2. Resale volume increases by 5.3%. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 817 Non-landed Private Residential units were resold in August 2016. This is a 5.3% increase compared to 776 units resold in July 2016.


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∙         Year-on-year, resale volume in August 2016 was 59.3% higher compared to 513 units resold in August 2015;

 

∙         Resale volume was down by 60.1% compared to its peak of 2,050 units resold in April 2010.



3. Overall median Transaction Over X-Value (TOX) decreases. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.


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∙         The median T-O-X in August 2016 is NEGATIVE $11,000. This is a $1,000 decrease compared to NEGATIVE $10,000 in July 2016.

 
4. District 20 posts highest median T-O-X. For districts with more than 10 resale transactions in August 2016, District 20 (Bishan, Ang Mo Kio) posted the highest median T-O-X at POSITIVE $18,000.

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This means that a majority of the buyers in this district purchased units above the computer-generated market value.


5. Among relatively active districts, District 15 posts the most negative median T-O-X. District 15 (Katong, Joo Chiat, Amber Road) posted a T-O-X of NEGATIVE $48,000.

This means that a majority of the buyers in these districts purchased units below the computer-generated market value.

1. HDB resale prices decrease in August 2016. There was a decrease of 0.7% in HDB Resale prices in August 2016 compared to that of July 2016. The resale prices of HDB 3 Room, HDB 4 Room and HDB 5 Room Flats decreased by 0.6%, 1.0% and 0.6% respectively. On the other hand, the resale prices of HDB Executive Flats increased by 0.8%.

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According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, prices have decreased by 0.2% from August 2015;
  • Prices have declined by 11.5% since the peak in April 2013; 

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According to the SRX Property Price Sub-Indices for HDB Resale:

  • In August 2016, HDB resale prices of mature estates and non-mature estates decreased by 0.4% and 1.0% respectively.
  • Year-on-year, prices in mature estates have increased by 0.6% from August 2015;
  • Year-on-year, prices in non-mature estates have decreased by 0.9% from August 2015;

2. Resale volume increases in August 2016. According to HDB resale data compiled by SRX Property, 1,879 HDB resale flats were sold in August 2016, a 19.5% increase from 1,573 transacted units in July 2016.https://ci6.googleusercontent.com/proxy/RnNZfQn2o2xpggJQqefCOervMbPIci5mujDPJnvl43kv6Rtxjyh5gHN_JKVzeU-aaGz3pePFgxfoAAtZJZNx8mveVTc-11j98EfuAJVcumUenA=s0-d-e1-ft#https://ssl.gstatic.com/ui/v1/icons/mail/images/cleardot.gif

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  • Year-on-year, resale volume increased by 29.9% compared to 1,447 units resold in August 2015.
  • Resale volume was down by 48.5% compared to its peak of 3,649 units in May 2010.

3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $1,000 in August 2016. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in August 2016The median T-O-X for HDB measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

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  • Overall Median T-O-X was NEGATIVE $1,000 in August 2016, remained the same as the figure in July 2016;
  • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in August 2016 were NEGATIVE $1,000, ZERO, NEGATIVE $1,000 and NEGATIVE $7,000 respectively.

4. Bishan posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with        T-O-X in August 2016, Bishan reported the highest median TOX of POSITIVE $15,000 followed by POSITIVE $11,800 in Serangoon.

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This means that majority of the buyers in these towns have purchased units above the computer-generated market value.

5. Among relatively active towns, Kallang/Whampoa posts the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in August 2016, the lowest median T-O-X was in Kallang/Whampoa at NEGATIVE $12,500, followed by Toa Payoh at NEGATIVE $11,000.

This means that majority of the buyers in these towns have purchased units below the computer generated market value.

FA2 01  1
In the article "One in five condo owners sitting on paper losses" by SRX CEO, Sam Baker, we highlight the percentage of homes that will suffer paper losses should they sell their homes in August 2016. 

Over 250,000 Non-Landed Private Units were used in this study, making up around 80% of total number of NLP units in Singapore. These homes were grouped according to the districts they belong to and calculated for its respective current X-value (as of 17 August 2016). 

The X-value is then used to subtract the latest purchase price of the homes to determine the paper-loss or paper-gain. The number of homes with paper loss is divided over the total number of homes in the district to give the percentage of homes in the red.

Track the price of your property (and your neighbours!) and find out if your home is in the red by signing up for SRX Property Tracker here.
 
To know X-value's methodology, click here

A. Non-landed Private Residential Rental Market

1. Private rents decrease by 0.4% in July. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.4% in July 2016 compared to June 2016. Non-Landed Private Residential units rents in CCR and OCR decreased by 0.7% and 1.1%. RCR increased by 0.8% respectively.

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According to SRX Property Price Index for Non-landed Private Rentals:

  • Year-on-year, rents in July 2016 were down by 4.8% from July 2015. In individual sectors, CCR, RCR and OCR posted 1.6%, 7.0% and 6.3% year-on-year decrease in price, respectively.
  • Rents in July 2016 was 16.9% down compared to its peak in January 2013.
  • June’s change was revised from no change to 0.1% decrease.

2. Rental volume decreases by 5.0%. According to SRX Property, an estimated 4,100 Non-landed Private Residential units were rented in July 2016. This represented a 5.0% decrease from 4,316 units rented in June 2016.

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  • Year-on-year, rental volume in July 2016 was 3.4% lower than 4,243 units rented in July 2015.
B. HDB Rental Market

1. HDB rents increase by 0.5%. According to SRX Property Price Index for HDB Rentals, rents increased by 0.5% from June 2016 to July 2016. HDB 3 Rooms and HDB 4 Rooms increased by 1.3% and 0.8% respectively, HDB 5 Rooms and Executive rents posted a 0.8% and 0.4% decrease, respectively.

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According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in July 2016 were down by 3.8% from July 2015.
  • Rents in July 2016 were down 9.6% compared to its peak in August 2013.

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According to SRX Property Price Sub-Indices for HDB Rentals in Mature and Non-mature Estates:

  • Rents in Mature and Non-mature Estates increased by 0.7% and 0.2% respectively.
  • Year-on-year, rents of Mature Estates in July 2016 slipped 3.6% from July 2015.
  • Year-on-year, rents of Non-mature Estates in July 2016 dropped 4.1% from July 2015.

2. HDB rental volume decreases by 6.1%. According to SRX Property, an estimated 1,653 HDB flats were rented in July 2016, a 6.1% decrease from 1,760 units rented in June 2016.

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  • Year-on-year, rental volume in July 2016 decreased by 10.3% from July 2015.
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