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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

January 2017 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents up 1.3% in Jan; HDB Rents down 0.6% in January 2017.
Sub-Headline: Year-on-year, private non-landed rents down 5.0% last month compared with Jan 2016, with the smallest decline seen in CCR

A. Non-Landed Private Residential Rental Market

  1. Private rents increase by 1.3% in January According to SRX Property Price Index for Non-landed Private Residential Rentals, rents increased by 1.3% in January 2017 compared to December 2016. Non-Landed Private Residential units rents in CCR, RCR and OCR increased by 0.9%, 1.6% and 1.3% respectively.

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

    • Year-on-year, rents in January 2017 were down by 5.0% from January 2016. In individual sectors, CCR, RCR and OCR posted 2.9%, 6.1% and 5.7% year-on-year decrease in price, respectively.
    • Rents in January 2017 was 18.9% down compared to its peak in January 2013.
    • Price change in December 2016 was revised from -1.3% to -1.4%.
  2. Rental volume increases by 5.8% According to SRX Property, an estimated 3,813 Non-landed Private Residential units were rented in January 2017. This represented a 5.8% increase from 3,605 units rented in December 2016.

    • Year-on-year, rental volume in January 2017 was 0.7% higher than 3,785 units rented in January 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 December 2016 to January 2017. HDB 4 Rooms, HDB 5 Rooms and HDB Executive decreased by 0.8%, 1.5% and 0.3% respectively. On the other hand, HDB 3 Rooms increased by 0.2%.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in January 2017 were down by 4.8% from January 2016.
    • Rents in January 2017 were down 12.7% compared to its peak in August 2013.
    • Price change was revised from 0.2% to 0.1% in December 2016.

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

    • Rents in Mature Estate decreased by 0.4% and Non-mature Estates decreased by 0.8%.
    • Year-on-year, rents of Mature Estates in January 2017 slipped 5.1% from January 2016.
    • Year-on-year, rents of Non-mature Estates in January 2017 dropped 4.5% from January 2016.
  2. HDB rental volume decreases by 16.1% According to SRX Property, an estimated 1,427 HDB flats were rented in January 2017, a 16.1% decrease from 1,701 units rented in December 2016.

    • Year-on-year, rental volume in January 2017 decreased by 27.7% from January 2016.

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

Headline: Private Resale Non-Landed Prices Increase 1.1% in January, marking third consecutive monthly increase since Oct 2016; Volume Increases 9.1%
Sub-Headline: Year-on-Year, overall prices increase 0.3%, led by CCR which recorded a 2.7% increase; Overall volume up 30% year-on-year
More  
  1. Non-landed Private Residential Resale Prices increase by 1.1% in January 2017 Non-landed Private Residential Resale prices increased by 1.1% in January 2017 compared to December 2016. In individual sectors, CCR, RCR and OCR recorded a price increase of 1.9%, 1.5% and 0.4%, respectively.

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

    • Year-on-year, prices in January 2017 increased by 0.3% from January 2016. In individual sectors, RCR and OCR recorded a year-on-year price decrease of 0.1% and 1.1% respectively. On the other hand, CCR posted a year-on-year price increase of 2.7%.
    • January 2017 prices were down by 6.8% from the recent peak in January 2014.
    • Price change in December 2016 was revised from 0.4% to 0.5%.
  2. Resale volume increases by 9.1% According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 526 Non-landed Private Residential units were resold in January 2017. This is a 9.1% increase compared to 482 units resold in December 2016.

    • Year-on-year, resale volume in January 2017 was 29.9% higher compared to 405 units resold in January 2016;
    • Resale volume was down by 74.3% compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) increases in January 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 January 2017 is NEGATIVE $4,000, This is a $1,000 increase compared to NEGATIVE $5,000 in December 2016.
  4. District 23 posts highest median T-O-X For districts with more than 10 resale transactions in January 2017, District 23 (Bukit Panjang, Choa Chu Kang) posted the highest median T-O-X at POSITIVE $2,000.

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

  5. Among relatively active districts, District 15 and 16 posts the most negative median T-O-X District 15 and 16 (Katong, Joo Chiat, Amber Road, Bedok, Upper East Coast) posted a T-O-X of NEGATIVE $25,000.

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

January 2017 HDB Resale (Download the full report here)

Headline: HDB Resale Prices decrease 0.3% m-o-m in Jan 2017; Volume decreases by 13.9%.
Compared to the same month last year, prices inch down 0.1% in Jan.
More  
  1. HDB resale prices decrease in January 2017 There was a decrease of 0.3% in HDB Resale prices in January 2017 compared to that of December 2016. The resale prices of HDB 3 Rooms, HDB 4 Rooms decreased by 0.6% and 0.5% respectively, while HDB 5 Rooms and HDB Executive increased by 0.4% and 0.9% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 0.1% from January 2016;
    • Prices have declined 11.2% since the peak in April 2013.

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

    • In January 2017, HDB resale prices in mature estates decreased by 0.7%, while non-mature estates remained the same;
    • Year-on-year, prices in mature estates have increased by 0.7% from January 2016;
    • Year-on-year, prices in non-mature estates have decreased by 0.8% from January 2016.
  2. Resale volume decreases in January 2017 According to HDB resale data compiled by SRX Property, 1,174 HDB resale flats were sold in January 2017, a 13.9% decrease from 1,364 transacted units in December 2016.

    • Year-on-year, resale volume decreased by 8.9% compared to 1,289 units resold in January 2016;
    • Resale volume was down by 67.8% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $3000 in January 2017 According to SRX Property, the median T-O-X for HDB was NEGATIVE $3000 in January 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 $3000 in January 2017, decreased by $3,000 compared to the figure in December 2016;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in January 2017 were NEGATIVE $3,000, NEGATIVE $4,000, $2,400 and NEGATIVE $10,500 respectively.
  4. Geylang posts the highest median T-O-X For HDB towns having more than 10 resale transactions with T-O-X in January 2017, Geylang reported the highest median TOX of POSITIVE $5,500 followed by POSITIVE $4,000 in Tampines.

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

  5. Among relatively active towns, Punggol posts the most negative median T-O-X Among HDB towns having more than 10 resale transactions with T-O-X in January 2017, the lowest median T-O-X was in Punggol at NEGATIVE $8,500, followed by Yishun and Toa Payoh 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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