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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

August 2018 Rentals   (Download the full report here)

Headline: Non-Landed Private Residential Rents Decrease by 0.1% and HDB Rents Increase by 0.1% in August 2018.
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A. Non-Landed Private Residential Rental Market

  1. Non-Landed Private Residential rents decrease by 0.1% in August 2018. Non-Landed Private Residential rents decrease by 0.1% in August 2018 compared to July 2018. In individual sectors, CCR recorded a rent increase of 0.4%, while RCR rents decreased by 0.4%, and OCR rents remained unchanged at 0.0%.

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

    • Year-on-year, rents in August 2018 remained unchanged at 0.0% from August 2017.
    • Rents in August 2018 were down by 19.1% from its peak in January 2013.
    • In August 2018, OCR recorded a year-on-year rent increase of 1.4%, while CCR and RCR posted a 1.0% and 1.2% decrease respectively from August 2017.
    • Monthly change in index value for July 2018 remained unchanged at 0.0%.
  2. Non-Landed Private Residential rental volume decreases by 4.7%. An estimated 4,935 Non-Landed Private Residential units were rented in August 2018. This represents a 4.7% decrease from 5,176 units rented in July 2018.

    • Year-on-year, rental volume in August 2018 was 7.1% higher than 4,609 units rented in August 2017.

B. HDB Rental Market

  1. HDB rents increase by 0.1% in August 2018. HDB rents increase by 0.1% in August 2018 compared to July 2018. HDB 3 Rooms, HDB 4 Rooms and HDB Executive recorded a rent increase of 0.2%, 0.2% and 1.8% respectively, while HDB 5 Rooms rents decreased by 0.1%. Rents in both Mature Estates and Non-mature Estates increased by 0.2% and 0.1% respectively as compared to July 2018.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in August 2018 decreased by 1.7% from August 2017.
    • Rents in August 2018 were down by 15.3% from its peak in August 2013.
    • In August 2018, both Mature Estates and Non-mature Estates recorded a year-on-year rent decrease of 1.2% and 2.3% respectively from August 2017.
    • Monthly change in index value for July 2018 was revised to 0.5% from 1.0%.
  2. HDB rental volume decreases by 8.6%. An estimated 1,744 HDB flats were rented in August 2018. This represents a 8.6% decrease from 1,909 units rented in July 2018.

    • Year-on-year, rental volume in August 2018 was 1.9% lower than 1,778 units rented in August 2017.

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

Headline: Non-Landed Private Residential Resale Prices Decrease by 0.2% and Resale Volume Decreases by 35.3% in August 2018.
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  1. Non-Landed Private Residential resale prices decrease by 0.2% in August 2018. Non-Landed Private Residential resale prices decrease by 0.2% in August 2018 compared to July 2018. In individual sectors, OCR recorded a price increase of 0.8%, while CCR and RCR prices decreased by 0.3% and 1.6% respectively.

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

    • Year-on-year, prices in August 2018 increased by 11.2% from August 2017.
    • August 2018 prices were down by 0.2% from its peak in July 2018.
    • In August 2018, CCR, RCR and OCR recorded a year-on-year price increase of 12.2%, 12.5% and 10.0% respectively from August 2017.
    • Monthly change in index value for July 2018 remained unchanged at 1.0%.
    • Overall price index records a decrease for the first time since July 2017.
  2. Non-Landed Private Residential resale volume decreases by 35.3%. An estimated 694 Non-Landed Private Residential resale units were resold in August 2018. This represents a 35.3% decrease from 1,072 units resold in July 2018.

    • Year-on-year, resale volume in August 2018 was 48.2% lower than 1,339 units resold in August 2017.
  3. Overall median Transaction Over X-Value (TOX) is ZERO in August 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 ZERO in August 2018. This is a decrease of $4,000 comparing to POSITIVE $4,000 T-O-X for July 2018.
  4. District 20 posts highest median T-O-X. For districts having more than 10 resale transactions in August 2018, District 20 (Bishan, Ang Mo Kio) posted the highest median T-O-X at POSITVE $25,000, followed by District 11 (Watten Estate, Novena, Thomson) at POSITIVE $23,000.

  5. District 4 posts the lowest median T-O-X. District 9 (Orchard, Cairnhill, River Valley) posted a T-O-X of NEGATIVE $30,000.

    For districts having more than 10 resale transactions with T-O-X in August 2018, District 4 (Telok Blangah, Harbourfront) posted the lowest median T-O-X at NEGATIVE $37,000, followed by District 10 (Bukit Timah, Holland Rd, Tanglin) at NEGATIVE $30,000.

August 2018 HDB Resale (Download the full report here)

Headline: HDB Resale Prices Increase by 0.1% and Resale Volume Decreases by 18.6% in August 2018.
More  
  1. HDB resale prices increase by 0.1% in August 2018. HDB resale prices increase by 0.1% in August 2018 compared to July 2018. HDB Executive recorded a price increase of 3.5%, while HDB 3 Rooms, HDB 4 Rooms and HDB 5 Rooms prices decreased by 0.4%, 0.2% and 0.1% respectively. Prices in Mature Estates increased by 0.1%, while those in Non-Mature Estates remained unchanged at 0.0% as compared to July 2018.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices in August 2018 decreased by 1.7% from August 2017.
    • Prices in August 2018 were down by 13.5% from its peak in April 2013.
    • In August 2018, both Mature Estates and Non-Mature Estates recorded a year-on-year price decrease of 1.8% and 1.7% respectively from August 2017.
    • Monthly change in index value for July 2018 remained unchanged at -0.3%.
  2. HDB resale volume decreases by 18.6%. 2,076 HDB resale flats were sold in August 2018. This represents a 18.6% decrease from 2,550 transacted units in July 2018.

    • Year-on-year, resale volume in August 2018 was 6.1% higher than 1,957 units resold in August 2017.
  3. Overall median Transaction Over X-Value (T-O-X) is ZERO $0 in August 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 ZERO $0 in August 2018. It remained unchanged compared to July 2018.
    • Median T-O-X for HDB 3 Rooms, 4 Rooms, 5 Rooms and Executive flats in August 2018 were NEGATIVE $1,000, POSITIVE $1,000, NEGATIVE $2,100 and POSITIVE $14,000 respectively.
  4. Kallang/Whampoa posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in August 2018, Kallang/Whampoa posted the highest median T-O-X of POSITVE $14,000, followed by Punggol and Queenstown at POSITVE $6,000.

  5. Ang Mo Kio posts the lowest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in August 2018, Ang Mo Kio posted the lowest median T-O-X at NEGATIVE $7,000, followed by Toa Payoh at NEGATIVE $6,000.

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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