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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 2018 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents and HDB Rents decrease by 0.2% and 0.8% respectively in May 2018;
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A. Non-Landed Private Residential Rental Market

  1. Private rents decrease by 0.2% in June. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.2% in June 2018 compared to May 2018. Non-Landed Private Residential units' rents in RCR increased by 0.7%, while those in CCR and OCR decreased by 1.0% and 0.3% respectively.

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

    • Year-on-year, rents in June 2018 decreased by 0.2% from June 2017. Rents in June 2018 were 19.3% down compared to its peak in January 2013.
    • In individual sectors, CCR and RCR posted a 0.8% and 0.2% decrease respectively while there is no change for OCR at 0.0%, as compared to June 2017.
    • Monthly change in index value for May 2018 was revised to 0.0% from 0.2%.
  2. Rental volume decreases by 1.0%. According to SRX Property, an estimated 4,637 Non-landed Private Residential units were rented in June 2018. This represented a 1.0% decrease from 4,682 units rented in May 2018.

    • Year-on-year, rental volume in June 2018 was 0.6% higher than 4,609 units rented in June 2017.

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 May 2018 to June 2018. HDB 3 Rooms, 4 Rooms and HDB Executive decreased by 0.7%, 1.6% and 0.9% respectively, while HDB 5 Rooms increased by 0.1%.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in June 2018 were down by 2.9% from June 2017.
    • Rents in June 2018 were down 16.0% compared to its peak in August 2013.
    • Monthly change in index value for May 2018 remained unchanged at 0.2%.

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

    • Rents in both Mature Estates and Non-mature Estates decreased by 1.3% and 0.3% respectively.
    • Year-on-year, rents of Mature Estates in June 2018 decreased by 3.1% from June 2017 and rents of Non-mature Estates in June 2018 slipped 2.6% from June 2017.
  2. HDB rental volume decreases by 5.8%. According to SRX Property, an estimated 1,735 HDB flats were rented in June 2018. This represented a 5.8% decrease from 1,841 units rented in May 2018.

    • Year-on-year, rental volume in June 2018 decreased by 5.1% from June 2017.

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

Headline: Private Resale Non-Landed Prices Up 10.6% in Year-on-Year; Volume goes down by 25.5% Month-on-Month
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  1. Non-landed Private Residential Resale Prices increased 0.2% in June 2018. Non-landed Private Residential Resale prices increased 0.2% in June 2018 compared to May 2018. In individual sectors, CCR and OCR recorded a price increase of 0.1% and 0.4% respectively, while RCR prices remained unchanged at 0.0%.

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

    • Year-on-year, prices in June 2018 increased by 10.6% from June 2017. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 10.9%, 11.6% and 9.4% respectively.
    • June 2018 prices were up by 1.5% from the previous peak in April 2018.
    • Price change was revised from 1.2% to 1.3% in May 2018.
    • Overall and CCR prices continue to increase in June 2018.
    • Quarter-on-quarter, prices have increased by 3.8% from Q1 2018. Quarter-on-quarter calculation is based on the index average of three months in Second Quarter of 2018 and that of the preceding quarter.
  2. Resale volume decreases by 25.5%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,128 Non-landed Private Residential resale units were resold in June 2018. This is a 25.5% decrease compared to 1,514 units resold in May 2018.

    • Year-on-year, resale volume in June 2018 was 4.6% higher compared to 1,078 units resold in June 2017;
    • Resale volume was down by 45.0 % compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) is POSITIVE $17,000 in June 2018. 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 for June 2018 is POSITIVE $17,000. It is a decrease of $1,000 comparing to POSITIVE $18,000 T-O-X for May 2018.
  4. District 21 posts highest median T-O-X. For districts with more than 10 resale transactions in June 2018, District 21 (Upper Bukit Timah, Ulu Pandan) posted the highest median T-O-X at POSITIVE $70,000.

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

  5. Among relatively active districts, District 26 posts the most negative median T-O-X. District 26 (Upper Thomson, Springleaf) posted a T-O-X of NEGATIVE $12,000.

    This suggests that a majority of the buyers in that district purchased units below the computer-generated market value.

June 2018 HDB Resale (Download the full report here)

Headline: Year-on-Year HDB Resale Prices decrease by 1.9% and Volume is up by 13.4%.
More  
  1. HDB resale prices decrease in June 2018. There was a decrease of 0.3% in HDB Resale prices in June 2018 compared to that of May 2018. The resale prices of HDB 3 Rooms increased by 0.4%, while both HDB 4 Rooms and HDB Executive had a decrease of 0.4%, and HDB 5 Rooms remained unchanged at 0.0%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 1.9% from June 2017;
    • Prices have declined by 13.3% since the peak in April 2013;
    • There was no price change revision at 0.5% in May 2018.

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

    • In June 2018, HDB resale prices in both mature and non-mature estates were down by 0.2% and 0.4% respectively;
    • Year-on-year, prices in mature estates have decreased by 2.2% from June 2017;
    • Year-on-year, prices in non-mature estates have decreased by 1.7% from June 2017;
  2. Resale volume increases in June 2018. According to HDB resale data compiled by SRX Property, 1,988 HDB resale flats were sold in June 2018, a 13.4% increase from 1,753 transacted units in May 2018.

    • Year-on-year, resale volume has increased by 13.4% compared to 1,753 units resold in June 2017;
    • Resale volume was down by 45.5% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) was NEGATIVE $1,000 in June 2018. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in June 2018. 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 2018, decreased by $1,000 compared to the figure in May 2018;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in June 2018 were NEGATIVE $3,000, ZERO, NEGATIVE $1,000 and POSITIVE $9,000 respectively.
  4. Tampines posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in June 2018, Tampines reported the highest median TOX of POSITIVE $5,000 followed by POSITIVE $4,000 in Yishun.

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

  5. Among relatively active towns, Bukit Panjang posts the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in June 2018, the lowest median T-O-X was in Bukit Panjang at NEGATIVE $7,000, followed by Geylang at NEGATIVE $6,200.

    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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