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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

December 2017 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents decrease by 0.3%, HDB Rents decrease by 0.6% in December 2017;
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A. Non-Landed Private Residential Rental Market

  1. Private rents decrease by 0.3% in December. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.3% in December 2017 compared to November 2017. Non-Landed Private Residential units rents in CCR and RCR decreased by 0.7% and 1.2% respectively, while those in OCR increased by 0.6%.

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

    • Year-on-year, rents in December 2017 were down by 0.5% from December 2016. In individual sectors, CCR posted a 0.1% year-on-year increase in price, while those in RCR and OCR posted a 0.4% and 1.1% decrease respectively.
    • Rents in December 2017 were 20.2% down compared to its peak in January 2013.
    • Price change was revised from -0.3% to 0.0% in November 2017.
  2. Rental volume decreases by 20.2%. According to SRX Property, an estimated 3,188 Non-landed Private Residential units were rented in December 2017. This represented a 20.2% decrease from 3,995 units rented in November 2017.

    • Year-on-year, rental volume in December 2017 was 15.3% lower than 3,762 units rented in December 2016.

B. HDB Rental Market

  1. HDB rents decrease by 0.6%. According to SRX Property Price Index for HDB Rentals, rents decreased by 0.6% from November 2017 to December 2017. HDB 3 Rooms and HDB 4 Rooms decreased by 0.4% and 1.6% respectively, while HDB Executives increased by 2.0%. HDB 5 Rooms remained unchanged.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in December 2017 were down by 3.5% from December 2016.
    • Rents in December 2017 were down 15.2% compared to its peak in August 2013.
    • Price change was revised from -0.5% to -0.6% in November 2017.

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

    • Rents in Mature Estate and Non-mature Estates decreased by 0.3% and 0.8% respectively.
    • Year-on-year, rents of Mature Estates in December 2017 slipped 2.7% from December 2016.
    • Year-on-year, rents of Non-mature Estates in December 2017 dropped 4.4% from December 2016.
  2. HDB rental volume decreases by 23.1%. According to SRX Property, an estimated 1,414 HDB flats were rented in December 2017. This represented a 23.1% decrease from 1,838 units rented in November 2017.

    • Year-on-year, rental volume in December 2017 decreased by 21.2% from December 2016.

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

Headline: Private Resale Non-Landed Prices Up 0.4% in December; Volume Down 38.3%
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  1. Non-landed Private Residential Resale Prices increased 0.4% in December 2017. Non-landed Private Residential Resale prices increased 0.4% in December 2017 compared to November 2017. In all individual sectors - CCR, RCR and OCR recorded a price increase of 0.3%, 0.6% and 0.3% respectively.

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

    • Year-on-year, prices in December 2017 increased by 6.2% from December 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 6.2%, 8.9% and 4.4% respectively.
    • December 2017 prices were down by 2.1% from the peak in January 2014.
    • Price change was revised from 0.5% to 0.4% in November 2017.
    • Year-to-date, prices increase by 5.0% in comparison to January 2017.
    • CCR and RCR continue to reach new highs.
  2. Resale volume decreases by 38.3%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 895 Non-landed Private Residential units were resold in December 2017. This is a 38.3% decrease compared to 1,450 units resold in November 2017.

    • Year-on-year, resale volume in December 2017 was 79.7% higher compared to 498 units resold in December 2016;
    • Resale volume was down by 56.3 % compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) is POSITIVE $12,000 in December 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 December 2017 is POSITIVE $12,000. It is unchanged comparing to the same POSITIVE $12,000 T-O-X in November 2017.
  4. District 13 posts highest median T-O-X. For districts with more than 10 resale transactions in December 2017, District 13 (Macpherson / Potong Pasir) posted the highest median T-O-X at POSITIVE $490,000.

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

  5. Among relatively active districts, District 17 posts the most negative median T-O-X. District 17 (Changi Airport / Changi Village) posted a T-O-X of NEGATIVE $19,000.

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

December 2017 HDB Resale (Download the full report here)

Headline: HDB Resale Prices slightly increase by 0.1%; Volume is down by 19.9 %.
More  
  1. HDB resale prices increase in December 2017. There was an increase of 0.1% in HDB Resale prices in December 2017 compared to that of November 2017. The resale prices of HDB 3 Rooms and HDB Executive increased by 0.2% and 1.5% respectively, while HDB 5 Rooms remained unchanged at 0.0% and HDB 4 Rooms decreased by 0.9%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 1.8% from December 2016;
    • Prices have declined by 12.5% since the peak in April 2013;
    • There was no price change revision at -0.1% in November 2017.

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

    • In December 2017, HDB resale prices in mature estates went down by 0.3% and non-mature estates increased by 0.4 %;
    • Year-on-year, prices in mature estates have decreased by 1.2% from December 2016;
    • Year-on-year, prices in non-mature estates have decreased by 2.3% from December 2016;
  2. Resale volume decreases in December 2017. According to HDB resale data compiled by SRX Property, 1,585 HDB resale flats were sold in December 2017, a 19.9% decrease from 1,980 transacted units in November 2017.

    • Year-on-year, resale volume has increased by 13.9% compared to 1,391 units resold in December 2016.
    • Resale volume was down by 56.6% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $2,900 in December 2017. According to SRX Property, the median T-O-X for HDB was NEGATIVE $2,900 in December 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 NEGATIVE $2,900 in December 2017, decreased by $900 compared to the figure in November 2017;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in December 2017 were NEGATIVE $3,000, NEGATIVE $3,000, NEGATIVE $1,000 and POSITIVE $500 respectively.
  4. Serangoon posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in December 2017, Serangoon reported the highest median TOX of POSITIVE $4,500 followed by POSITIVE $3,500 in Bukit Panjang.

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

  5. Among relatively active towns, Ang Mo Kio posts the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in December 2017, the lowest median T-O-X was in Ang Mo Kio at NEGATIVE $12,000, followed by Bukit Merah at NEGATIVE $9,000.

    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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