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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

April 2018 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents decrease by 0.9%, HDB Rents increase by 0.4% in April 2018;
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A. Non-Landed Private Residential Rental Market

  1. Private rents decrease by 0.9% in April. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.9% in April 2018 compared to March 2018. Non-Landed Private Residential units rents in CCR and RCR decreased by 1.1% and 2.0% respectively, while those in OCR increased by 0.2%.

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

    • Year-on-year, rents in April 2018 decreased by 0.8% from April 2017. In individual sectors, CCR, RCR and OCR posted a 1.3%, 1.1% and 0.2% decrease respectively.
    • Rents in April 2018 were 19.6% down compared to its peak in January 2013.
    • Price change remain unchanged at -0.2% in March 2018.
  2. Rental volume decreases by 10.8% According to SRX Property, an estimated 4,287 Non-landed Private Residential units were rented in April 2018. This represented a 10.8% decrease from 4,806 units rented in March 2018.

    • Year-on-year, rental volume in April 2018 was 1.6% lower than 4,355 units rented in April 2017.

B. HDB Rental Market

  1. HDB rents increase by 0.4%. According to SRX Property Price Index for HDB Rentals, rents increased by 0.4% from March 2018 to April 2018. HDB 3 Rooms, HDB 4 Rooms and HDB 5 Rooms increased by 0.4%, 0.3% and 0.2% respectively, while HDB Executives decreased by 1.5%.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in April 2018 were down by 1.8% from April 2017.
    • Rents in April 2018 were down 15.2% compared to its peak in August 2013.
    • Price change increased from -0.8% to -0.6% in March 2018.

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

    • Rents in Mature and Non-mature Estates increased by 0.3% and 0.4% respectively.
    • Year-on-year, rents of Mature Estates in April 2018 slipped 2.0% from April 2017.
    • Year-on-year, rents of Non-mature Estates in April 2018 dropped 1.5% from April 2017.
  2. HDB rental volume decreases by 13.7%. According to SRX Property, an estimated 1,883 HDB flats were rented in April 2018. This represented a 13.7% decrease from 2,182 units rented in March 2018.

    • Year-on-year, rental volume in April 2018 decreased by 4.3% from April 2017.

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

Headline: Private Resale Non-Landed Prices Up 0.6% in April; Volume slides down by 1.7%
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  1. Non-landed Private Residential Resale Prices increased 0.6% in April 2018. Non-landed Private Residential Resale prices increased 0.6% in April 2018 compared to March 2018. In individual sectors, RCR and OCR recorded a price increase of 1.0% and 0.7% respectively, while CCR prices recorded a decrease of 0.3%.

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

    • Year-on-year, prices in April 2018 increased by 9.5% from April 2017. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 9.2%, 12.6% and 7.3% respectively.
    • April 2018 prices were up by 0.6% from the peak last month, March 2018.
    • Price change was revised from 1.5% to 1.4% in March 2018.
    • Overall price index continues to increase, RCR prices reach another new high in April 2018.
  2. Resale volume decreases by 1.7%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,360 Non-landed Private Residential resale units were resold in April 2018. This is a 1.7% decrease compared to 1,383 units resold in March 2018.

    • Year-on-year, resale volume in April 2018 was 26.9% higher compared to 1,072 units resold in April 2017;
    • Resale volume was down by 33.7 % compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) is POSITIVE $20,000 in April 2018. 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 for April 2018 is POSITIVE $20,000. It remains unchanged comparing to POSITIVE $20,000 T-O-X for March 2018.
  4. District 11 posts highest median T-O-X. For districts with more than 10 resale transactions in April 2018, District 11 (Watten Estate, Novena, Thomson) posted the highest median T-O-X at POSITIVE $89,000.

    This suggests that a majority of the buyers in that district purchased units above the computer-generated market value.

  5. Among relatively active districts, District 27 posts the most negative median T-O-X. District 27 (Yishun, Sembawang) posted a T-O-X of NEGATIVE $15,000.

    This suggests that a majority of the buyers in that district purchased units below the computer-generated market value.

April 2018 HDB Resale (Download the full report here)

Headline: HDB Resale Prices decrease by 0.8%; Volume slides down by 2.5 %.
More  
  1. HDB resale prices decrease in April 2018. There was a decrease of 0.8% in HDB Resale prices in April 2018 compared to that of March 2018. The resale prices of HDB 3 Rooms, HDB 4 Rooms, HDB 5 Rooms and HDB Executive decreased by 0.3%, 0.4%, 0.5% and 1.2% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 2.4% from April 2017;
    • Prices have declined by 13.5% since the peak in April 2013;
    • There was no price change revision at 0.8% in March 2018.

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

    • In April 2018, HDB resale prices went down in both mature and non-mature estates by 1.5% and 0.2% respectively;
    • Year-on-year, prices in mature estates have decreased by 2.3% from April 2017;
    • Year-on-year, prices in non-mature estates have decreased by 2.5% from April 2017;
  2. Resale volume decreases in April 2018. According to HDB resale data compiled by SRX Property, 1,850 HDB resale flats were sold in April 2018, a 2.5% decrease from 1,897 transacted units in March 2018.

    • Year-on-year, resale volume has increased by marginal 0.8% compared to 1,836 units resold in April 2017.
    • Resale volume was down by 49.3% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $1,000 in April 2018. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in April 2018. 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 NEGATIVE $1,000 in April 2018, increased by $1,000 compared to the figure in March 2018;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in April 2018 were NEGATIVE $1,000, NEGATIVE $1,500, ZERO and POSITIVE $11,500 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 April 2018, Toa Payoh reported the highest median TOX of POSITIVE $11,000 followed by POSITIVE $10,500 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, Choa Chu Kang and Bukit Merah post the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in April 2018, the lowest median T-O-X was in Choa Chu Kang and Bukit Merah at NEGATIVE $9,000, followed by Serangoon at NEGATIVE $8,000.

    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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