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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

Oct 2017 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents decrease by 0.7%, HDB Rents increase by 0.3% in October 2017;
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A. Non-Landed Private Residential Rental Market

  1. Private rents decrease by 0.7% in October. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.7% in October 2017 compared to September 2017. Non-Landed Private Residential units rents in CCR, RCR and OCR decreased by 1.4%, 0.3% and 0.3% respectively.

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

    • Year-on-year, rents in October 2017 were down by 1.8% from October 2016. In individual sectors, CCR, RCR and OCR posted 1.9%, 2.5% and 1.3% year-on-year decrease in price, respectively.
    • Rents in October 2017 were 19.7% down compared to its peak in January 2013.
    • Price index is down 1.0% on year-to-date basis from January 2017.
    • Price change remained unchanged at -0.1% in September 2017.
  2. Rental volume increases by 5.8%. According to SRX Property, an estimated 4,169 Non-landed Private Residential units were rented in October 2017. This represented a 5.8% increase from 3,942 units rented in September 2017.

    • Year-on-year, rental volume in October 2017 was 4.0% higher than 4,010 units rented in October 2016.

B. HDB Rental Market

  1. HDB rents increase by 0.3%. According to SRX Property Price Index for HDB Rentals, rents increased by 0.3% from September 2017 to October 2017. HDB 3 Rooms, HDB 4 Rooms and HDB Executives increased by 0.3%, 1.0% and 1.0% respectively, while HDB 5 Rooms decreased by 0.5%.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in October 2017 were down by 3.5% from October 2016.
    • Rents in October 2017 were down 14.5% compared to its peak in August 2013.
    • Year-to-date, rental price index has declined by 2.1% from January 2017.
    • Price change was revised from -0.9% to -1.0% in September 2017.

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

    • Rents in Mature Estate remained unchanged, while those in Non-mature Estates increased by 0.6%.
    • Year-on-year, rents of Mature Estates in October 2017 slipped 3.5% from October 2016.
    • Year-on-year, rents of Non-mature Estates in October 2017 dropped 3.5% from October 2016.
  2. HDB rental volume increases by 6.3%. According to SRX Property, an estimated 1,713 HDB flats were rented in October 2017. This represented a 6.3% increase from 1,611 units rented in September 2017.

    • Year-on-year, rental volume in October 2017 decreased by 9.0% from October 2016.

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

Headline: Private Resale Non-Landed Prices Increase 1.3% in October; Volume Increases by 18.7%

RCR price index reaches new high since cooling measures; Y-o-Y transaction volume more than doubles in Oct
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  1. Non-landed Private Residential Resale Prices increased 1.3% in October 2017. Non-landed Private Residential Resale prices increased 1.3% in October 2017 compared to September 2017. In all individual sectors - CCR, RCR and OCR recorded a price increase of 0.3%, 1.5% and 1.7% respectively.

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

    • Year-on-year, prices in October 2017 increased by 6.3% from October 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 6.4%, 7.5% and 5.5% respectively.
    • October 2017 prices were down by 2.9% from the peak in January 2014.
    • Year-to-date, prices increase by 4.5% in comparison to January 2017.
    • Rest-of-Central (RCR) prices reach new peak at 184.6. The last high was recorded in Aug 2013 at 182.1.
    • There was no price change revision at 0.1% in September 2017.
  2. Resale volume increases by 18.7%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,461 Non-landed Private Residential units were resold in October 2017. This is a 18.7% increase compared to 1,231 units resold in September 2017.

    • Year-on-year, resale volume in October 2017 was 122.0% higher compared to 658 units resold in October 2016;
    • Resale volume was down by 28.7 % compared to its peak of 2,050 units resold in April 2010.
    • Private resale non-landed volume for the first 10 months of the year is 46% higher than the entire 2016. Therefore, total volume this year is expected to be about 65% higher than last year.
  3. Overall median Transaction Over X-Value (TOX) is POSITIVE $6,000 in October 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 October 2017 is POSITIVE $6,000. This is a $1,000 increase comparing to POSITIVE $5,000 T-O-X in September 2017, and highest this year.
  4. District 3 posts highest median T-O-X. For districts with more than 10 resale transactions in October 2017, District 3 (Alexandra / Commonwealth) posted the highest median T-O-X at POSITIVE $68,000.

    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 1 posts the most negative median T-O-X. District 1 (Boat Quay / Raffles Place / Marina) posted a T-O-X of NEGATIVE $50,000.

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

October 2017 HDB Resale (Download the full report here)

Headline: HDB Resale Prices decrease by 0.3%; Volume increases by 5.9 %.
More  
  1. HDB resale prices decrease in October 2017. There was a decrease of 0.3% in HDB Resale prices in October 2017 compared to that of September 2017. The resale prices of HDB 3 Rooms and HDB 5 Rooms increased by 0.5% and 0.2% respectively, while HDB 4 Rooms remained the same and HDB Executive decreased by 0.9%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 1.9% from October 2016;
    • Prices have declined by 12.5% since the peak in April 2013;
    • There was no price change revision in September 2017.

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

    • In October 2017, HDB resale prices in mature estates went down by 0.8% and non-mature estates increased by 0.1 %;
    • Year-on-year, prices in mature estates have decreased by 0.5% from October 2016;
    • Year-on-year, prices in non-mature estates have decreased by 3.1% from October 2016;
  2. Resale volume increases in October 2017. According to HDB resale data compiled by SRX Property, 1,781 HDB resale flats were sold in October 2017, a 5.9% increase from 1,681 transacted units in September 2017.

    • Year-on-year, resale volume has increased by 5.0% compared to 1,696 units resold in October 2016.
    • Resale volume was down by 51.2% 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 October 2017. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in October 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 $1,000 in October 2017, increased by $1,000 compared to the figure in September 2017;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in October 2017 were NEGATIVE $1,000, NEGATIVE $2,000, POSITIVE $2,000 and ZERO respectively.
  4. Bukit Timah posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in October 2017, Bukit Timah reported the highest median TOX of POSITIVE $53,000 followed by POSITIVE $5,500 in Bukit Merah.

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

  5. Among relatively active towns, Bishan posts the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in October 2017, the lowest median T-O-X was in Bishan at NEGATIVE $22,000, followed by Marine Parade 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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