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SRX Property Index (SPI) Chart

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Note: The latest month's value is based on flash estimate.
Source: Singapore Real Estate Exchange (SRX)

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Observations

Legend:

CCR = Core Central Region

RCR = Rest of Central Region

OCR = Outside Central Region

October 2018 HDB Resale (Download the full report here)

Headline: HDB Resale Prices Decrease by 0.2% and Resale Volume Decreases by 0.3% in October 2018.
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  1. HDB resale prices decrease by 0.2% in October 2018. HDB resale prices decrease by 0.2% in October 2018 compared to September 2018. The resale prices of HDB 3 Rooms and HDB 5 Rooms recorded a price increase of 0.8% and 1.5% respectively, while HDB 4 Rooms and HDB Executive prices decreased by 0.7% and 2.2% respectively. Prices in Mature Estates increased by 0.4%, while those in Non-Mature Estates decreased by 0.6% as compared to September 2018.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices in October 2018 decreased by 2.1% from October 2017.
    • Prices in October 2018 were down by 14.3% from its peak in April 2013.
    • In October 2018, both Mature Estates and Non-Mature Estates recorded a year-on-year price decrease of 2.7% and 1.6% respectively from October 2017.
    • Monthly change in index value for September 2018 remained unchanged at -0.7%.
  2. HDB resale volume decreases by 0.3%. 1,994 HDB resale flats were sold in October 2018. This represents a 0.3% decrease from 1,999 transacted units in September 2018.

    • Year-on-year, resale volume in October 2018 was 11.8% higher than 1,783 units resold in October 2017.
  3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $1,000 in October 2018. The median T-O-X for HDB measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX Property X-Value estimated market value.

    • Overall Median T-O-X was NEGATIVE $1,000 in October 2018. This is an increase of $100 comparing to NEGATIVE $1,100 for September 2018.
    • Median T-O-X for HDB 3 Rooms, 4 Rooms, 5 Rooms and Executive flats in October 2018 were NEGATIVE $1,500, ZERO, NEGATIVE $2,000 and NEGATIVE $3,000 respectively.
  4. Toa Payoh posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in October 2018, Toa Payoh posted the highest median T-O-X of POSITIVE $8,500, followed by Geylang at POSITIVE $6,000.

  5. Clementi posts the lowest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in October 2018, Clementi posted the lowest median T-O-X at NEGATIVE $10,000, followed by Yishun at NEGATIVE $8,000.

September 2018 Rentals   (Download the full report here)

Headline: Non-Landed Private Residential Rents Decrease by 0.4% and HDB Rents Decrease by 0.5% in September 2018.
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A. Non-Landed Private Residential Rental Market

  1. Non-Landed Private Residential rents decrease by 0.4% in September 2018. Non-Landed Private Residential rents decrease by 0.4% in September 2018 compared to August 2018. In individual sectors, CCR and OCR rents decreased by 0.5% and 0.7% respectively, while RCR rents remained unchanged at 0.0%.

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

    • Year-on-year, rents in September 2018 decreased by 0.1% from September 2017.
    • Rents in September 2018 were down by 19.4% from its peak in January 2013.
    • In September 2018, RCR and OCR recorded a year-on-year rent increase of 0.5% and 0.3%, while CCR posted a 1.6% decrease from September 2017.
    • Monthly change in index value for August 2018 was revised to 0.0% from -0.1%.
    • Quarter-on-quarter, rents have decreased by 0.1% from Q2 2018. Quarter-on-quarter calculation is based on the index average of three months in Third Quarter of 2018 and that of the preceding quarter.
  2. Non-Landed Private Residential rental volume decreases by 14.8%. An estimated 4,199 Non-Landed Private Residential units were rented in September 2018. This represents a 14.8% decrease from 4,929 units rented in August 2018.

    • Year-on-year, rental volume in September 2018 was 1.8% higher than 4,126 units rented in September 2017.

B. HDB Rental Market

  1. HDB rents decrease by 0.5% in September 2018. HDB rents decrease by 0.5% in September 2018 compared to August 2018. HDB 5 Rooms recorded a rent increase of 0.1%, while HDB 3 Rooms, HDB 4 Rooms and HDB Executive rents decreased by 1.2%, 0.3% and 0.6% respectively. Rents in both Mature Estates and Non-mature Estates decreased by 0.9% and 0.1% respectively as compared to August 2018.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in September 2018 decreased by 1.0% from September 2017.
    • Rents in September 2018 were down by 15.6% from its peak in August 2013.
    • In September 2018, both Mature Estates and Non-mature Estates recorded a year-on-year rent decrease of 0.9% and 1.2% respectively from September 2017.
    • Monthly change in index value for August 2018 was revised to 0.3% from 0.1%.
    • Quarter-on-quarter, rents have increased by 0.1% from Q2 2018. Quarter-on-quarter calculation is based on the index average of three months in Third Quarter of 2018 and that of the preceding quarter.
  2. HDB rental volume decreases by 3.8%. An estimated 1,690 HDB flats were rented in September 2018. This represents a 3.8% decrease from 1,757 units rented in August 2018.

    • Year-on-year, rental volume in September 2018 was 0.9% lower than 1,705 units rented in September 2017.

September 2018 Non-Landed Private Resale (Download the full report here)

Headline: Non-Landed Private Residential Resale Prices Decrease by 0.2% and Resale Volume Decreases by 0.7% in September 2018.
More  
  1. Non-Landed Private Residential resale prices decrease by 0.2% in September 2018. Non-Landed Private Residential resale prices decrease by 0.2% in September 2018 compared to August 2018. In individual sectors, OCR recorded a price increase of 0.5%, while CCR and RCR prices decreased by 1.2% and 0.8% respectively.

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

    • Year-on-year, prices in September 2018 increased by 10.8% from September 2017.
    • September 2018 prices were down by 0.5% from its peak in July 2018.
    • In September 2018, CCR, RCR and OCR recorded a year-on-year price increase of 11.3%, 10.0% and 11.2% respectively from September 2017.
    • Monthly change in index value for August 2018 was revised to -0.3% from -0.2%.
    • OCR prices set a new record high since June 2013.
    • Quarter-on-quarter, prices have increased by 1.5% from Q2 2018. Quarter-on-quarter calculation is based on the index average of three months in Third Quarter of 2018 and that of the preceding quarter.
  2. Non-Landed Private Residential resale volume decreases by 0.7%. An estimated 702 Non-Landed Private Residential resale units were resold in September 2018. This represents a 0.7% decrease from 707 units resold in August 2018.

    • Year-on-year, resale volume in September 2018 was 44.3% lower than 1,260 units resold in September 2017.
  3. Overall median Transaction Over X-Value (TOX) is POSITIVE $1,000 in September 2018. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying (POSITVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX Property X-Value estimated market value.

    • Overall median T-O-X was POSITIVE $1,000 in September 2018. This is an increase of $1,000 comparing to ZERO T-O-X for August 2018.
  4. Districts 9 and 21 post highest median T-O-X. For districts having more than 10 resale transactions in September 2018, Districts 9 (Orchard, Cairnhill, River Valley) and 21 (Upper Bukit Timah, Ulu Pandan) posted the highest median T-O-X at POSITVE $20,000, followed by District 3 (Queenstown, Tiong Bahru) at POSITIVE $18,000.

  5. District 4 posts the lowest median T-O-X.

    For districts having more than 10 resale transactions with T-O-X in September 2018, District 4 (Telok Blangah, Harbourfront) posted the lowest median T-O-X at NEGATIVE $105,000, followed by District 15 (Katong, Joo Chiat, Amber Road) at NEGATIVE $40,000.

Index Value And Change

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About SPI

About the Singapore Real Estate Exchange Property Index (SPI)

On the Friday of the first full work week for each month, SRX releases the Singapore Real Estate Exchange Property Index (SPI) as a public service to the community.

SPI differs from other Singapore indices in four distinct ways:

  1. SPI is the first index to calculate price changes that take into account unique Singaporean factors such as the property's distance to a top primary school or an MRT station. The index, of course, controls for standard index factors like location, age of property, size, floor levels and land tenure.
  2. SPI uses a Hedonic Regression methodology modeled on proven real estate economics and consumer price indices worldwide.
  3. SPI employs unique data available only to SRX. As a result, for private sale transactions, the indices include both public caveated transactions and non-caveated transactions, resulting in a comprehensive view of the property market at any point in time.
  4. Due to its industry-wide integration with the market's major estate agencies StreetSine, on behalf of SRX, collects, processes, integrates and crunches data in real-time. Hence, StreetSine can calculate and release monthly SPI updates before other Singaporean indices.

For more information, please refer to the SPI White Paper.


Disclaimer

The information contained in this document is the proprietary and exclusive property of StreeSine Singapore Pte. Ltd. (""SSPL"") except as otherwise indicated. The information contained herein is for informational purposes only and is not intended to replace any professional advice. The views expressed are entirely those of the authors.

Whilst the information is intended to be accurate and current, SSPL is not responsible for any errors or omissions in this document. SSPL may vary, withdraw or amend any information presented herein at any time without notice.

To the fullest extent permitted by law, in no event shall StreetSine, its officers and employees, affiliates, subsidiaries, successors and assigns be liable for any damages or costs, including without limitation any indirect, consequential, special, incidental, or punitive damages arising out of, based on, or resulting from your reliance on or use of the information herein.

No part of this document may be reproduced except as authorised by written permission. The copyright and the foregoing restriction extend to reproduction in all media.

©StreetSine Singapore Pte. Ltd.. All rights reserved.

Singapore Real Estate Exchange Property Index, SPI, Singapore Real Estate Exchange and SRX are trade names of SSPL.

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