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SRX Research

A. Non-Landed Private Residential Rental Market

1. Private rent prices flat. 
According to SRX Property Price Index for Non-landed Private Residential Rentals, rents remained the same in April 2016 compared to March 2016. Breaking down by sectors, rents for Non-landed Private Residential units in CCR remained the same, rents in RCR increased by 0.1% while OCR experienced a decrease in rents by 0.1%.

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

  • Year-on-year, rents in April 2016 were down by 5.4% from April 2015. In individual sectors, CCR, RCR and OCR posted 1.9%, 8.2% and 6.8% year-on-year decrease in price, respectively.
  • Rent in April 2016 was 16.1% down compared to its peak in January 2013.

  • Year-on-year, rental volume in April 2016 was 10.5% higher than 3,578 units rented in April 2015.

According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in April 2016 were down by 4.3% from April 2015.
  • Rents in April 2016 were down 9.9% 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 experienced a 0.3% and 0.9% decrease respectively in April 2016.
  • Year-on-year, rents of Mature Estates in April 2016 slipped 3.9% from April 2015.
  • Year-on-year, rents of Non-mature Estates in April 2016 dropped 4.8% from April 2015.

2. HDB rental volume decreases by 2.2% in April. According to SRX Property, an estimated 2,048 HDB flats were rented in April 2016, a 2.2% decrease from 2,093 units rented in March 2016.

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Private Resale Non-Landed Prices Increase 0.5% in April; Volume Increases 17.6%, highest monthly volume in 3 years.
A Collation of Research Papers on AVM Usage Worldwide

Posted on 05 May 2016

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Headline: HDB Resale Price inches down by 0.1%; Volume at Record High post Cooling Measures.

1. HDB resale price inches down in April 2016. HDB resale prices decrease 0.1% in April 2016 compared to that of March 2016. The resale prices of HDB 3 Rooms and Executive Flats increased by 0.6% and 0.1% respectively. On the other hand, the resale prices of HDB 4 Room Flats remained the same while HDB 5 Rooms resale prices decreased by 0.9%. Prices have remained relatively flat for the past year since Apr 2015.

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According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, prices have inched down by 0.2% from April 2015;
  • Prices have declined by 11.1% since the peak in April 2013;
  • There is no revision for price changes in March 2016.

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

  • In April 2016, HDB resale prices increased in mature estates by 1.0% while resale prices in non-mature estates decreased by 1.0%;
  • Year-on-year, prices in mature estates have increased by 0.5% from April 2015;
  • Year-on-year, prices in non-mature estates have decreased by 0.8% from April 2015;

 2. Resale volume increases. According to HDB resale data compiled by SRX Property, 1,828 HDB resale flats were sold in April 2016, a 10.3% increase from 1,657 transacted units in March 2016. The volume represents a record high since the recent cooling measures of ABSD2 and TDSR were introduced in 2013 (see http://www.srx.com.sg/cooling-measures for more details).

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  • Year-on-year, resale volume increased by 13.5% compared to 1,610 units resold in April 2015;
  • Resale volume was down by 49.9% compared to its peak of 3,649 units in May 2010.
3. Overall median Transaction Over X-Value (T-O-X) is ZERO in April 2016. According to SRX Property, the median T-O-X for HDB was ZERO in April 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 ZERO in April 2016, the same compared to March 2016;
  • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in April 2016 were NEGATIVE $2,000, POSITIVE $1,000, NEGATIVE $3,000 and POSITIVE $6,000 respectively.

4. Queenstown posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in April 2016, Queenstown reported the highest median TOX of POSITIVE $11,000 followed by POSITIVE $8,000 in Tampines.

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

  1. Among relatively active towns, Clementi posts the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in April 2016, the lowest median T-O-X was in Clementi at NEGATIVE $10,000, followed by Pasir Ris at NEGATIVE $8,000.

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

A. Non-Landed Private Residential Rental Market

1. Private rents decrease by 1.0%. 
According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 1.0% in March 2016 compared to February 2016. Non-landed Private Residential units in CCR, RCR and OCR experienced a decrease in rents by 0.8%, 1.9% and 0.4%, respectively.

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

  •     Year-on-year, rents in March 2016 were down by 5.3% from March 2015. In individual sectors, CCR, RCR and OCR posted 0.6%, 8.4% and 7.8% year-on-year decrease in price, respectively.
  •      Rent in March 2016 was 15.9% down compared to its peak in January 2013.

2. Rental volume increases by 35.5%. According to SRX Property, an estimated 4,331 Non-landed Private Residential units were rented in March 2016. This represented a 35.5% increase from 3,197 units rented in February 2016.

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·   Year-on-year, rental volume in March 2016 was 9.3% higher than 3,961 units rented in March 2015.


B. HDB Rental Market

1. HDB rents decrease by 0.1% in March. According to SRX Property Price Index for HDB Rentals, rents decreased by 0.1% from February 2016 to March 2016. HDB 3, 4 Rooms and Executive flats posted 0.8%, 1.0% and 0.1% decreases in rents respectively. On the other hand, HDB 5 Rooms posted a 1.5% increase in rents.

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According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in March 2016 were down by 3.9% from March 2015.
  • Rents in March 2016 were down 9.1% 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 Estates experienced a 0.3% decrease, while Non-Mature Estates remained steady in March 2016.
  • Year-on-year, rents of Mature Estates in March 2016 slipped 3.2% from March 2015.
  • Year-on-year, rents of Non-mature Estates in March 2016 dropped 4.6% from March 2015.

2. HDB rental volume increases by 44.3% in March. According to SRX Property, an estimated 2,214 HDB flats were rented in March 2016, a 44.3% increase from 1,534 units rented in February 2016.

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·       Year-on-year, rental volume in March 2016 increased by 3.0% from March 2015.