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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 Rentals   (Download the full report here)

Headline: Non-Landed Private Residential Rents Decrease by 0.7% and HDB Rents Increase by 0.3% in October 2018
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A. Non-Landed Private Residential Rental Market

  1. Non-Landed Private Residential rents decrease by 0.7% in October 2018. Non-Landed Private Residential rents decrease by 0.7% in October 2018 compared to September 2018. In individual sectors, CCR, RCR and OCR rents decreased by 1.7%, 0.3%, and 0.4% respectively.

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

    • Year-on-year, rents in October 2018 decreased by 0.1% from October 2017.
    • Rents in October 2018 were down by 20.0% from its peak in January 2013.
    • In October 2018, RCR and OCR recorded a year-on-year rent increase of 0.3% and 0.8%, while CCR posted a 1.9% decrease from October 2017.
    • Monthly change in index value for September 2018 was revised to -0.5% from -0.4%.
  2. Non-Landed Private Residential rental volume decreases by 1.7%. An estimated 4,207 Non-Landed Private Residential units were rented in October 2018. This represents a 1.7% decrease from 4,280 units rented in September 2018.

    • Year-on-year, rental volume in October 2018 was 0.5% lower than 4,229 units rented in October 2017.

B. HDB Rental Market

  1. HDB rents increase by 0.3% in October 2018. HDB rents increase by 0.3% in October 2018 compared to September 2018. HDB 3 Rooms, HDB 4 Rooms and HDB 5 Rooms recorded a rent increase of 1.0%, 0.2% and 0.1% respectively, while HDB Executive rents decreased by 0.6%. Rents in both Mature Estates and Non-mature Estates increased by 0.1% and 0.6% respectively as compared to September 2018.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in October 2018 decreased by 1.4% from October 2017.
    • Rents in October 2018 were down by 15.4% from its peak in August 2013.
    • In October 2018, both Mature Estates and Non-mature Estates recorded a year-on-year rent decrease of 1.6% and 1.1% respectively from October 2017.
    • Monthly change in index value for September 2018 was revised to -0.6% from -0.5%.
  2. HDB rental volume increases by 10.2%. An estimated 1,937 HDB flats were rented in October 2018. This represents a 10.2% increase from 1,757 units rented in September 2018.

    • Year-on-year, rental volume in October 2018 was 8.9% higher than 1,778 units rented in October 2017.

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

Headline: Non-Landed Private Residential Resale Prices Decrease by 0.4% and Resale Volume Increases by 3.7% in October 2018.
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  1. Non-Landed Private Residential resale prices decrease by 0.4% in October 2018. Non-Landed Private Residential resale prices decrease by 0.4% in October 2018 compared to September 2018. In individual sectors, RCR recorded a price increase of 0.9%, while CCR and OCR prices decreased by 1.7% and 0.7% respectively.

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

    • Year-on-year, prices in October 2018 increased by 8.7% from October 2017.
    • October 2018 prices were down by 1.0% from its peak in July 2018.
    • In October 2018, CCR, RCR and OCR recorded a year-on-year price increase of 8.1%, 9.4% and 8.6% respectively from October 2017.
    • Monthly change in index value for September 2018 was revised to -0.5% from -0.2%.
  2. Non-Landed Private Residential resale volume increases by 3.7%. An estimated 703 Non-Landed Private Residential resale units were resold in October 2018. This represents a 3.7% increase from 678 units resold in September 2018.

    • Year-on-year, resale volume in October 2018 was 53.0% lower than 1,497 units resold in October 2017.
  3. Overall median Transaction Over X-Value (TOX) is POSITIVE $4,000 in October 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 $4,000 in October 2018. This is an increase of $3,000 comparing to POSITIVE $1,000 T-O-X for September 2018.
  4. District 4 posts highest median T-O-X. For districts having more than 10 resale transactions in October 2018, District 4 (Telok Blangah, Harbourfront) posted the highest median T-O-X at POSITVE $50,000, followed by District 28 (Seletar) at POSITIVE $44,000.

  5. District 12 posts the lowest median T-O-X.

    For districts having more than 10 resale transactions with T-O-X in October 2018, District 12 (Balestier, Toa Payoh, Serangoon) posted the lowest median T-O-X at NEGATIVE $49,000, followed by District 20 (Bishan, Ang Mo Kio) at NEGATIVE $20,000.

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.

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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