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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

March 2017 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents decrease by 1.0%; HDB Rents decrease by 0.5% in March 2017.

A. Non-Landed Private Residential Rental Market

  1. Private rents decrease by 1.0% in March According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 1.0% in March 2017 compared to February 2017. Non-Landed Private Residential units rents in CCR, RCR and OCR decreased by 1.2%, 1.3% and 0.7% respectively.

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

    • Year-on-year, rents in March 2017 were down by 3.9% from March 2016. In individual sectors, CCR, RCR and OCR posted 3.9%, 3.7% and 4.1% year-on-year decrease in price, respectively.
    • Rents in March 2017 was 19.1% down compared to its peak in January 2013.
    • Price change was revised from 1.1% to 0.7% in February 2017.
  2. Rental volume increase by 14.6% According to SRX Property, an estimated 4,549 Non-landed Private Residential units were rented in March 2017. This represented a 14.6% increase from 3,971 units rented in February 2017.

    • Year-on-year, rental volume in March 2017 was 1.3% lower than 4,611 units rented in March 2016.

B. HDB Rental Market

  1. HDB rents decrease by 0.5% According to SRX Property Price Index for HDB Rentals, rents decreased by 0.5% from February 2017 to March 2017. HDB 3 Rooms, HDB 4 Rooms and HDB Executive decreased by 1.1%, 0.2% and 2.7%. On the other hand, HDB 5 Rooms increased by 0.1%

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in March 2017 were down by 5.1% from March 2016.
    • Rents in March 2017 were down 13.9% compared to its peak in August 2013.
    • No revision to price change of -0.5% in February 2017.

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

    • Rents in Mature Estate decreased by 0.5% and Non-mature Estates decreased by 0.5%.
    • Year-on-year, rents of Mature Estates in March 2017 slipped 5.1% from March 2016.
    • Year-on-year, rents of Non-mature Estates in March 2017 dropped 4.3% from March 2016.
  2. HDB rental volume increases by 32.1% According to SRX Property, an estimated 2,045 HDB flats were rented in March 2017, a 32.1% increase from 1,546 units rented in February 2017.

    • Year-on-year, rental volume in March 2017 decreased by 7.5% from March 2016.

March 2017 Non-Landed Private Resale (Download the full report here)

Headline: Private Resale Non-Landed Prices Increase 0.5% in March, marking Fifth Consecutive Month of Increase. Price Reaches a 2.5 year High.
Volume Increases 51.8%
More  
  1. Non-landed Private Residential Resale Prices increase by 0.5% in March 2017 Non-landed Private Residential Resale prices increased by 0.5% in March 2017 compared to February 2017. In individual sectors, CCR, RCR and OCR recorded a price increase of 0.4%, 0.7% and 0.4%, respectively.

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

    • Year-on-year, prices in March 2017 increased by 2.2% from March 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 6.2%, 1.7%, 0.2% respectively;
    • Index reaches 168.8 in March, a 2.5-year high since Sep 2014;
    • March 2017 prices were down by 5.5% from the recent peak in January 2014;
    • Price change in February 2017 was revised from 0.9% to 1.1%.
  2. Resale volume increases by 51.8% According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 1,058 Non-landed Private Residential units were resold in March 2017. This is a 51.8% increase compared to 697 units resold in February 2017.

    • Year-on-year, resale volume in March 2017 was 77.5% higher compared to 596 units resold in March 2016;
    • Resale volume was down by 48.4% compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) is ZERO in March 2017 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.

    • The median T-O-X in March 2017 is ZERO. This is a $10,000 increase compared to NEGATIVE $10,000 in February 2017.
  4. District 5 posts highest median T-O-X For districts with more than 10 resale transactions in March 2017, District 5 (Buona Vista, West Coast, Clementi New Town) posted the highest median T-O-X at POSITIVE $23,000.

    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 12 posts the most negative median T-O-X District 12 Balestier, Toa Payoh) posted a T-O-X of NEGATIVE $23,000.

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

March 2017 HDB Resale (Download the full report here)

Headline: HDB Resale Prices increase 0.3% in March; Volume increase by 75.4%.
Year-on-Year, prices inched down 0.1% compared to March last year.
More  
  1. HDB resale prices increase in March 2017 There was an increase of 0.3% in HDB Resale prices in March 2017 compared to that of February 2017. The resale prices of HDB 4 Rooms, 5 Rooms and HDB Executive increased by 0.3%, 0.3% and 1.7% respectively, while HDB 3 Rooms decreased by 0.7%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 0.1% from March 2016;
    • Prices have declined by 11.2% since the peak in April 2013;
    • There is no price revision to the -0.3% change in Feb 2017.

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

    • In March 2017, HDB resale prices in mature estates increased by 0.3%, while non-mature estates increased by 0.2%;
    • Year-on-year, prices in mature estates have increased by 1.3% from March 2016;
    • Year-on-year, prices in non-mature estates have decreased by 1.8% from March 2016;
  2. Resale volume increases in March 2017 According to HDB resale data compiled by SRX Property, 1,910 HDB resale flats were sold in March 2017, a 75.4% increase from 1,089 transacted units in February 2017.

    • Year-on-year, resale volume increased by 14.1% compared to 1,674 units resold in March 2016.
    • Resale volume was down by 47.7% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) is ZERO in March 2017 According to SRX Property, the median T-O-X for HDB was ZERO in March 2017. The median T-O-X for HDB measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

    • Overall Median T-O-X was ZERO in March 2017, increased by $2,000 compared to the figure in February 2017;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in March 2017 were NEGATIVE $1,000, POSITIVE $500, POSITIVE $1,000 and POSITIVE $500 respectively.
  4. Bishan posts the highest median T-O-X For HDB towns having more than 10 resale transactions with T-O-X in March 2017, Bishan reported the highest median TOX of POSITIVE $12,000 followed by POSITIVE $11,500 in Clementi.

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

  5. Among relatively active towns, Jurong East posts the most negative median T-O-X Among HDB towns having more than 10 resale transactions with T-O-X in March 2017, the lowest median T-O-X was in Jurong East at NEGATIVE $13,000, followed by Choa Chu Kang at NEGATIVE $6,000.

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

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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