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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

February 2017 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents increase by 1.1%; HDB Rents decrease by 0.8% in February 2017.

A. Non-Landed Private Residential Rental Market

  1. Private rents increase by 1.1% in February According to SRX Property Price Index for Non-landed Private Residential Rentals, rents increased by 1.1% in February 2017 compared to January 2017. Non-Landed Private Residential units rents in CCR, RCR and OCR increased by 1.2%, 0.8% and 1.2% respectively.

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

    • Year-on-year, rents in February 2017 were down by 3.8% from February 2016. In individual sectors, CCR, RCR and OCR posted 2.9%, 4.4% and 3.9% year-on-year decrease in price, respectively;
    • Rents in February 2017 was 18.1% down compared to its peak in January 2013;
    • No price revision to price change of +1.1% in Jan 2017.
  2. Rental volume decreases by 1.0% According to SRX Property, an estimated 3,757 Non-landed Private Residential units were rented in February 2017. This represented a 1.0% decrease from 3,796 units rented in January 2017.

    • Year-on-year, rental volume in February 2017 was 12.6% higher than 3,336 units rented in February 2016.

B. HDB Rental Market

  1. HDB rents decrease by 0.8% According to SRX Property Price Index for HDB Rentals, rents decreased by 0.8% from January 2017 to February 2017. HDB 3 Rooms, HDB 4 Rooms and HDB 5 Rooms decreased by 1.2%, 0.3% and 1.3% respectively. On the other hand, HDB Executive increased by 1.0%.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in February 2017 were down by 4.8% from February 2016.
    • Rents in February 2017 were down 13.4% compared to its peak in August 2013.
    • Price change was revised from 0.6% to 0.7% in January 2017.

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

    • Rents in Mature Estate decreased by 1.3% and Non-mature Estates decreased by 0.3%.
    • Year-on-year, rents of Mature Estates in February 2017 slipped 5.5% from February 2016.
    • Year-on-year, rents of Non-mature Estates in February 2017 dropped 4.1% from February 2016.
  2. HDB rental volume increases by 1.2% According to SRX Property, an estimated 1,477 HDB flats were rented in February 2017, a 1.2% increase from 1,459 units rented in January 2017.

    • Year-on-year, rental volume in February 2017 decreased by 12.4% from February 2016.

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

Headline: Private Resale Non-Landed Prices Increase 0.9% in February, marking 4th consecutive monthly increase; Volume Increases 31.2%
More  
  1. Non-landed Private Residential Resale Prices increase by 0.9% in February 2017 Non-landed Private Residential Resale prices increased by 0.9% in February 2017 compared to January 2017. In individual sectors, CCR, RCR and OCR recorded a price increase of 1.0%, 0.8% and 0.9%, respectively.

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

    • Year-on-year, prices in February 2017 increased by 1.8% from February 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 4.8%, 0.7%, 0.7% respectively.
    • February 2017 prices were down by 6.0% from the recent peak in January 2014.
    • Price change in January 2017 was revised from 1.1% to 1.0%.
  2. Resale volume increases by 31.2% According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 694 Non-landed Private Residential units were resold in February 2017. This is a 31.2% increase compared to 529 units resold in January 2017.

    • Year-on-year, resale volume in February 2017 was 77.9% higher compared to 390 units resold in February 2016;
    • Resale volume was down by 66.1% compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) decreases in February 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 February 2017 is NEGATIVE $10,000, This is a $6,000 decrease compared to NEGATIVE $4,000 in January 2017.
  4. District 18 posts highest median T-O-X For districts with more than 10 resale transactions in February 2017, District 18 (Tampines, Pasir Ris) posted the highest median T-O-X at POSITIVE $9,000.

    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 13 posts the most negative median T-O-X District 13 (Macpherson, Braddell) posted a T-O-X of NEGATIVE $30,000.

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

February 2017 HDB Resale (Download the full report here)

Headline: HDB Mature estates buck the trend. HDB Resale Prices decrease by 0.3% in Feb; Volume decreases by 8.5%.
Compared to a year ago, prices decreased 0.6%, led by a decline of 1.9% in non-mature estates. Mature estates buck the trend and increased by 1.1% in the same period.
More  
  1. HDB resale prices decrease in February 2017 There was a decrease of 0.3% in HDB Resale prices in February 2017 compared to that of January 2017. The resale prices of HDB 4 Rooms, 5 Rooms and HDB Executive decreased by 0.2%, 0.5% and 1.7% respectively, while HDB 3 Rooms increased by 0.2%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 0.6% from February 2016;
    • Prices have declined by 11.5% since the peak in April 2013;
    • No price revision for 0.3% decrease in Jan-2017

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

    • In February 2017, HDB resale prices in mature estates increased by 0.4%, while non-mature estates decreased by 0.8%;
    • Year-on-year, prices in mature estates have increased by 1.1% from February 2016;
    • Year-on-year, prices in non-mature estates have decreased by 1.9% from February 2016;
  2. Resale volume decreases in February 2017 According to HDB resale data compiled by SRX Property, 1,074 HDB resale flats were sold in February 2017, an 8.5% decrease from 1,174 transacted units in January 2017.

    • Year-on-year, resale volume decreased by 10.9% compared to 1,205 units resold in February 2016.
    • Resale volume was down by 70.6% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE 2000 in February 2017 According to SRX Property, the median T-O-X for HDB was NEGATIVE 2000 in February 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 2000 in February 2017, increased by $1,000 compared to the figure in January 2017;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in February 2017 were NEGATIVE $4,000, NEGATIVE $2,000, NEGATIVE $2,000 and POSITIVE $4,000 respectively.
  4. Bedok posts the highest median T-O-X For HDB towns having more than 10 resale transactions with T-O-X in February 2017, Bedok reported the highest median TOX of POSITIVE $10,000 followed by POSITIVE $4,000 in Clementi.

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

  5. Among relatively active towns, Queenstown posts the most negative median T-O-X Among HDB towns having more than 10 resale transactions with T-O-X in February 2017, the lowest median T-O-X was in Queenstown at NEGATIVE $12,500, followed by Ang Mo Kio at NEGATIVE $11,000.

    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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