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CCR = Core Central Region
RCR = Rest of Central Region
OCR = Outside Central Region
A. Non-Landed Private Residential Rental Market
Overall rents increase by 0.3% from February 2019. CCR rents increased 2.3%, while RCR and OCR rents decreased by 0.8% and 0.1% respectively.
According to the SRX Property Price Index for Non-Landed Private Residential Rentals:
Volume increases by 41.4% from February 2019. An estimated 5,184 Non-Landed Private Residential units were rented in March 2019.
B. HDB Rental Market
HDB rents increase by 0.2% as compared to previous month. HDB 4 Rooms and Executive rose by 0.8% and 0.8% respectively, while 3 Rooms and 5 Rooms dropped by 0.3% and 0.5% respectively. Rents in Mature Estates increased by 0.7% and those in Non-mature Estates decreased by 0.5% versus February 2019.
According to the SRX Property Price Index for HDB Rentals:
HDB rental volume increases. An estimated 2,220 HDB flats were rented in March 2019 representing a 58.3% increase from February 2019.
Outside Central Region best performing in March 2019. Compared to February 2019, OCR increased by 1.3%, while CCR prices decreased by 2.1% and RCR prices were unchanged.
According to the SRX Property Price Index for Non-Landed Private Residential Resale:
Non-Landed Private Residential resale volume increased substantially. An estimated 830 Non-Landed Private Residential resale units were transacted in March 2019, representing a 59.3% increase from the 521 units resold in February 2019. However, March 2019 resale volumes were 41.4% lower than the 1,417 units transacted in March 2018.
Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $4,000 in March 2019, an increase of $6,000 from the NEGATIVE $10,000 recorded in the preceding month. 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 Property X-Value estimated market value.
District 15 (Katong, Joo Chiat, Amber Road) posted the highest median T-O-X at POSITIVE $14,000,followed by District 9 (Orchard, Cairnhill, River Valley) at POSITIVE $10,000 (for districts having more than 10 resale transactions in March 2019)
District 4 (Telok Blangah, Harbourfront) posted the lowest median T-O-X at NEGATIVE $50,000,followed by District 21 (Upper Bukit Timah, Ulu Pandan) at NEGATIVE $35,000 (for districts having more than 10 resale transactions in March 2019).
HDB resale prices increase by 0.2% in March 2019 over February 2019. HDB 3 Rooms and Executives prices rise by 0.8% and 0.4% respectively, while the prices of 4 Rooms and 5 Rooms both dropped by 0.2%. Those located in Mature Estates decreased by 0.1%, however, those in Non-Mature Estates increased by 0.5% as compared to February 2019.
According to the SRX Property Price Index for HDB Resale:
1,657 HDB resale flats were transacted in March 2019, representing a 26.1% increase from the 1,314 units sold in February 2019. Year-on-year, resale volume in March 2019 was 12.7% lower than 1,897 units transacted in the previous year.
Overall median transaction Over X-Value (T-O-X) was ZERO in March 2019. This represents an increase of $1,000 as compared to February 2019. The median T-O-X for HDB measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) relative to the SRX Property X-Value estimated market value. HDB 4 Rooms, 5 Rooms, and Executive flats witnessed POSITIVE Median T-O-X $1,000, $3,000 and $4,900 respectively in March 2019. Only HDB 3 Rooms recorded a NEGATIVE $3,000 Median T-O-X.
Pasir Ris posts the highest median T-O-X at POSITIVE $7,500 in March 2019, followed by Bukit Panjang at POSITIVE $7,000 (for HDB towns having more than 10 resale transactions).
Queenstown posts the lowest median T-O-X at NEGATIVE $11,100, followed by Jurong East at NEGATIVE $10,600 (for HDB towns having more than 10 resale transactions with T-O-X).
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:
For more information, please refer to the SPI White Paper.
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