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

December 2019 Rentals   (Download the full report here)

Headline: NLP And HDB See Higher Rents, Bigger Volume In 2019 vs 2018
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A. Non-Landed Private Residential Rental Market

  1. Overall rental prices decrease 0.9% from November 2019. RCR rents experienced a marginal 0.1% increase while CCR and OCR decrease by 1.7% and 1.1% respectively.

    • For the whole of 2019, rents rise by 3.7%.
    • Rents are down 16.6% from the peak in January 2013.
    • Rentals in all regions increase year-on-year: CCR by 3.9%, RCR by 4.0% and OCR by 3.1%.
  2. Volumes decrease 2.8% month-on-month. An estimated 4,011 units are rented in December 2019 as compared to 4,126 units in November 2019.

    • Year-on-year, rental volumes are 1.2% higher.
    • Volumes are also 13.6% higher than the 5-year average volume for the month of December.
    • A total of 58,236 NLP rental transactions were recorded in 2019, which was 2.3% higher than 2018.
    • Breaking down by regions, in December 2019, 43.3% of the volume comes from OCR, 30.5% comes from RCR and 26.3% comes from CCR.

B. HDB Rental Market

  1. December 2019 HDB rents increase 0.1% from November 2019.  4 Room and Executive rents rise by 0.6% and 1.1% respectively, while 3 Room rents fall by 1.4% and 5 Room rents remain flat. According to Town Maturity, Mature Estates rents increase by 0.2% while Non-Mature Estates rents decrease by 0.1%.

    According to the SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents increase by 1.3%.
    • Rents are down 14.3% from the peak in August 2013.
    • Except for 3 Room which experiences rents decrease of 0.3%, all room types experience rent increases year-on-year: 4 Room by 2.1%, 5 Room by 1.3% and Executive by 1.4%.
    • Mature Estates and Non-Mature Estates rents increase year-on-year by 1.2% and 1.4%, respectively.
  2. Volumes decrease 8.6% month-on-month. An estimated 1,753 HDB flats are rented in December 2019 versus 1,917 units in November 2019.

    • Year-on-year rental volumes decrease 5.3% from December 2018.
    • Volumes are also 2.4% lower than the 5-year average volume for the month of December.
    • A total of 23,958 HDB rental transactions were recorded in 2019, which was 1.9% higher than 2018.
    • Breaking down by room types, in December 2019, 35.9% of total rental volume comes from 4 Room, 32.7% from 3 Room, 25.2% from 5 Room and 6.2% from Executive.

December 2019 Non-Landed Private Resale (Download the full report here)

Headline: 2019 Saw NLP Resale Prices 1.7% Higher, But Volumes 27.4% Lower Compared To 2018. December 2019 Resale Prices Flat; Volumes Eased vs November 2019
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  1. CCR and RCR prices increase 0.8% in December 2019; OCR decrease by 1.0%.

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

    • Month-on-month, overall prices remains flat over November 2019.
    • For the whole of 2019, overall prices increase by 1.7%.
    • All regions experience price increases in 2019: CCR by 1.5%, RCR by 0.6% and OCR by 2.3%
  2. An estimated 650 units were resold Dec 2019. This is a 15.4% decrease, compared to 768 units resold in November.

    • Volumes are 21.5% higher than in December 2018, and 15.3% higher than the 5-year average volume for the month of December.
    • A total of 9,017 NLP resale transactions are recorded in 2019, which is 27.4% lower than 2018.
    • Breaking down by regions, in December 2019, 48.8% of the volume comes from OCR, 26.7% comes from RCR and 24.5% comes from CCR.
  3. The highest transacted price for a resale unit in the month was achieved at $17.9 million at Four Seasons Park.

    • In RCR, the highest transacted price was a unit at Reflections at Keppel Bay resold for $7.2 million.
    • In OCR, the highest transacted price was a unit at Bayshore Park resold for $3.2 million.
  4. Overall Transaction Over X-Value (T-O-X) is NEGATIVE $2,000 in December 2019. This represented no change as compared to November 2019. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX X-Value estimated market value.

    • District 9 (Orchard / River Valley) posted the highest median T-O-X at POSITIVE $30,000, followed by District 8 (Farrer Park / Serangoon Rd) at POSITIVE $28,000.
    • District 17 (Changi Airport / Changi Village) posted the lowest median T-O-X at NEGATIVE $54,000, followed by District 23 (Farrer Park / Serangoon Rd) at NEGATIVE $30,500.
    • T-O-X data only include districts with more than 10 resale transactions with X-Value.

December 2019 HDB Resale (Download the full report here)

Headline: HDB Resale Prices Up 0.4% For 2019; Total Volumes 3.4% Higher. Resale Prices And Volumes Eased In December vs November
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  1. HDB resale prices decrease by 0.3% in December 2019 over November 2019. HDB 3 Room, 4 Room and 5 Room experience monthly price decreases of 0.8%, 0.4% and 0.1%. Meanwhile, HDB Executive prices increase by 0.5%. Both Mature and Non-Mature Estates prices decrease by 0.4% and 0.2%, respectively, as compared to November 2019.

    According to the SRX Property Price Index for HDB Resale:

    • Prices in December 2019 are 0.4% higher from preceding year.
    • December 2019 prices are 14.0% lower than the peak in April 2013.
    • Year-on-year, except for 3 Room which decreases by 2.2%, all room types experience price increases: Executive by 3.8%, 5 Room by 0.6% and 4 Room by 0.5%.
    • Year-on-year, Mature Estates prices decrease 1.4% while Non- Mature Estates prices increase 1.6%.
  2. 1,858 HDB resale transactions in December 2019,representing a 3.0% decrease from November 2019.

    • Year-on-year, resale volume in December 2019 is 29.6% higher than the previous year.
    • A total of 22,477 HDB resale transactions are recorded in 2019, which is 3.4% higher than 2018.
    • Breaking down by room types, in December 2019, 41.3% of the volume comes from HDB 4 Room, 25.8% from 3 Room, 23.3% from 5 Room and 7.7% from Executive. The rest are from 2 Room.
  3. The highest transacted price for a resale flat in the month was achieved at $1,056,800 by a 4-Room unit at Pinnacle@Duxton; In Non-Mature Estates, the highest transacted price was achieved at $871,000 by a 5-Room Premium Apartment Loft unit at Treelodge@Punggol.

  4. Overall median Transaction Over X-Value (TO-X) is POSITIVE $1,000 in December 2019. This represented an increase of $2,000 from November 2019. The median T-O-X for HDB measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE TO-X) the SRX Property X-Value estimated market value.

    • HDB Executive experiences POSITIVE $15,000 median T-O-X, while both HDB 3 Room and 4 Room record POSITIVE $1,000 and 5 Room record NEGATIVE $2,000.
    • Serangoon posts the highest median T-O-X at POSITIVE $40,000 in December 2019, followed by Bukit Merah at POSITIVE $16,000.
    • Bishan posts the lowest median T-O-X at NEGATIVE $6,000, followed by Punggol at NEGATIVE $5,600.
    • T-O-X data only include HDB towns with more than 10 resale transactions with X-Value.
  5. An estimated 4,785 flats will become eligible to join the HDB resale market in the next three months, based on SRX data, as these units approach their respective official 5-year Minimum Occupation Period.

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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