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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

June 2017 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents increase by 0.5%, HDB Rents decrease by 0.6% in June 2017
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A. Non-Landed Private Residential Rental Market

  1. Private rents increase by 0.5% in June. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents increased by 0.5% in June 2017 compared to May 2017. Non-Landed Private Residential units rents in RCR and OCR increased by 1.4% and 0.5% respectively, while that in CCR decreased by 0.4%.

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

    • Year-on-year, rents in June 2017 were down by 3.2% from June 2016. In individual sectors, CCR, RCR and OCR posted 3.0%, 2.7% and 3.9% year-on-year decrease in price, respectively.
    • Rents in June 2017 were 19.1% down compared to its peak in January 2013.
    • Price index is down 0.3% on year-to-date basis from January 2017.
    • Price change was revised from -0.8% to -0.6% in May 2017.
  2. Rental volume decreases by 8.8%. According to SRX Property, an estimated 4,250 Non-landed Private Residential units were rented in June 2017. This represented an 8.8% decrease from 4,661 units rented in May 2017.

    • Year-on-year, rental volume in June 2017 was 7.3% lower than 4,587 units rented in June 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 May 2017 to June 2017. HDB 3 Rooms and HDB 5 Rooms decreased by 1.1% and 0.5% respectively, while HDB 4 Rooms and HDB Executive remained unchanged.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in June 2017 were down by 4.0% from June 2016.
    • Rents in June 2017 were down 13.5% compared to its peak in August 2013.
    • Year-to-date, rental price index has declined by 1.0% from January 2017.
    • Price change was revised from 0.7% to 0.8% in May 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 both decreased by 0.6%.
    • Year-on-year, rents of Mature Estates in June 2017 slipped 3.5% from June 2016.
    • Year-on-year, rents of Non-mature Estates in June 2017 dropped 4.5% from June 2016.
  2. HDB rental volume decreases by 5.5% According to SRX Property, an estimated 1,704 HDB flats were rented in June 2017. This represented an 5.5% decrease from 1,804 units rented in May 2017.

    • Year-on-year, rental volume in June 2017 decreased by 11.5% from June 2016.

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

Headline:Private Resale Non-Landed Prices Increase 0.9% in June; Volume Decreases 12.5%
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  1. Non-landed Private Residential Resale Prices increased 0.9% in June 2017.Non-landed Private Residential Resale prices increased 0.9% in June 2017 compared to May 2017. In individual sectors, both CCR and OCR recorded a price increase of 1.3% and 1.1% respectively, while RCR price index has remained unchanged at 0.0%.

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

    • Year-on-year, prices in June 2017 increased by 2.2% from June 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 3.7%, 3.0% and 0.8% respectively.
    • June 2017 prices were down by 4.4% from the peak in January 2014.
    • Year-to-date, prices increase by 2.9% in comparison to January 2017.
    • Price change in May 2017 was revised from 0.4% to 0.5%.
  2. Resale volume decreases by 12.5%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,065 Non-landed Private Residential units were resold in June 2017. This is a 12.5% decrease compared to 1,217 units resold in May 2017.

    • Year-on-year, resale volume in June 2017 was 51.1% higher compared to 705 units resold in June 2016;
    • Resale volume was down by 48.0% compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) is $1,000 in June 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 June 2017 is $1,000. This is a $1,000 decrease compared to $2,000 in May 2017.
  4. District 11 post highest median T-O-X. For districts with more than 10 resale transactions in June 2017, District 11 (Newton and Novena) posted the highest median T-O-X at POSITIVE $40,000.

    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 4 posts the most negative median T-O-X. District 4 (Harbourfront and Telok Blangah) posted a T-O-X of NEGATIVE $120,000.

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

June 2017 HDB Resale (Download the full report here)

Headline: HDB Resale Prices decrease by 0.1% in June; Volume decreases by 11.6%.
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  1. HDB resale prices decrease in June 2017. There was a decrease of 0.1% in HDB Resale prices in June 2017 compared to that of May 2017. The resale prices of HDB Executive increased by 1.7%, while HDB 3 Rooms , HDB 4 Rooms and HDB 5 Rooms decreased by 0.2%, 0.3% and 1.5% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 0.2% from June 2016;
    • Prices have declined by 11.7% since the peak in April 2013;
    • There is no price revision to the -0.1% change in May 2017.

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

    • In June 2017, HDB resale prices in mature estates increased by 0.8%, while non-mature estates decreased by 0.9%;
    • Year-on-year, prices in mature estates have increased by 1.7% from June 2016;
    • Year-on-year, prices in non-mature estates have decreased by 1.7% from June 2016;
  2. Resale volume decreases in June 2017. According to HDB resale data compiled by SRX Property, 1,753 HDB resale flats were sold in June 2017, a 11.6% decrease from 1,984 transacted units in May 2017.

    • Year-on-year, resale volume decreased by 5.0% compared to 1,846 units resold in June 2016.
    • Resale volume was down by 52.0% 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 June 2017. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in June 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 June 2017, increased by $1,000 compared to the figure in May 2017;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in June 2017 were NEGATIVE $2,000, ZERO, NEGATIVE $4,000 and NEGATIVE $2,000 respectively.
  4. Bukit Merah posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in June 2017, Bukit Merah reported the highest median TOX of POSITIVE $6,000 followed by POSITIVE $4,000 in Bukit Batok and Sengkang.

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

  5. Among relatively active towns, Toa Payoh post the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in June 2017, the lowest median T-O-X was in Toa Payoh at NEGATIVE $17,000, followed by Punggol 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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