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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

December 2016 Rentals   (Download the full report here)

Headline: For the full year, private non-landed rentals fell 6.2% in 2016. This represents a 20% drop from the peak in 2013. Sub-Headline:

A. Non-Landed Private Residential Rental Market

  1. Private rents decrease by 1.3% in December According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 1.3% in December 2016 compared to November 2016. Non-Landed Private Residential units rents in CCR and RCR decreased by 1.7% and 2.6% respectively, on the other hand OCR remain unchanged.

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

    • Year-on-year, rents in December 2016 were down by 6.2% from December 2015. In individual sectors, CCR, RCR and OCR posted 6.2%, 6.3% and 6.1% year-on-year decrease in price, respectively
    • Rents in December 2016 was 19.9% down compared to its peak in January 2013.
  2. Rental volume decreases by 2.2% According to SRX Property, an estimated 3,691 Non-landed Private Residential units were rented in December 2016. This represented a 2.2% decrease from 3,775 units rented in November 2016.

    • Year-on-year, rental volume in December 2016 was 17.1% higher than 3,152 units rented in December 2015.

B. HDB Rental Market

  1. HDB rents increase by 0.2% According to SRX Property Price Index for HDB Rentals, rents increased by 0.2% from November 2016 to December 2016. HDB 3 Rooms, HDB 5 Rooms and HDB Executive increased by 0.8%, 0.6% and 1.4% respectively. On the other hand, HDB 4 Rooms decreased by 0.5%.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in December 2016 were down by 3.7% from December 2015.
    • Rents in December 2016 were down 12.0% compared to its peak in August 2013.

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

    • Rents in Mature Estate decreased by 0.1% and Non-mature Estates increased by 0.4%.
    • Year-on-year, rents of Mature Estates in December 2016 slipped 4.2% from December 2015.
    • Year-on-year, rents of Non-mature Estates in December 2016 dropped 3.2% from December 2015.
  2. HDB rental volume decreases by 4.6% According to SRX Property, an estimated 1,689 HDB flats were rented in December 2016, a 4.6% decrease from 1,771 units rented in November 2016.

    • Year-on-year, rental volume in December 2016 decreased by 13.5% from December 2015.

December 2016 Non-Landed Private Resale (Download the full report here)

Headline: Private Resale Non-Landed Prices inch up 0.4% in December; Volume Decreases 21.7%. Sub-Headline: For the full year, resale non-landed prices inch up 0.1% in 2016, led by CCR.
More  
  1. Non-landed Private Residential Resale Prices inch up by 0.4% in December 2016. Non-landed Private Residential Resale prices increased by 0.4% in December 2016 compared to November 2016. In individual sectors, OCR recorded a price increase of 1.2% while the prices in RCR decreased by 0.5%. On the other hand, the prices in CCR remained unchanged.

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

    • Year-on-year, prices in December 2016 increased by 0.1% from December 2015. In individual sectors, RCR and OCR recorded a year-on-year price decrease of 0.9% and 0.4% respectively. On the other hand, CCR posted a year-on-year price increase of 1.8%;
    • December 2016 prices were down by 7.8% from the recent peak in January 2014;
    • Price change in November 2016 was revised from 0.3% to 0.5%.
  2. Resale volume decreases by 21.7% According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 484 Non-landed Private Residential units were resold in December 2016. This is a 21.7% decrease compared to 618 units resold in November 2016.

    • Year-on-year, resale volume in December 2016 was 6.8% higher compared to 453 units resold in December 2015;
    • Resale volume was down by 76.3% compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) decreases in December 2016 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 December 2016 is NEGATIVE $5,000, This is a $2,000 decrease compared to NEGATIVE $3,000 in November 2016.
  4. District 10 posts highest median T-O-X For districts with more than 10 resale transactions in December 2016, District 10 (Bukit Timah, Holland Road, Tanglin) posted the highest median T-O-X at POSITIVE $24,000.

    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 3 posts the most negative median T-O-X District 3 (Queenstown, Tiong Bahru) posted a T-O-X of NEGATIVE $27,000.

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

December 2016 HDB Resale (Download the full report here)

Headline: HDB Resale Prices decrease by 0.3% in Dec; Volume decreases by 13.9%.
Sub-Headline: Full year, prices declined 0.2% overall, led by Non-Mature Estates which declined 1.2%. In contrast, prices in mature estates increased 1.0% y-o-y.
More  
  1. HDB resale prices decrease in December 2016 There was a decrease of 0.3% in HDB Resale prices in December 2016 compared to that of November 2016. The resale prices of HDB 3 Rooms, HDB 4 Rooms, HDB 5 Rooms and HDB Executive decreased by 0.1%, 0.2%, 0.9% and 1.0% respectively.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 0.2% from December 2015;
    • Prices have declined by 10.9% since the peak in April 2013.

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

    • In December 2016, HDB resale prices in mature and non-mature estates decreased by 0.2% and 0.4% respectively;
    • Year-on-year, prices in mature estates have increased by 1.0% from December 2015;
    • Year-on-year, prices in non-mature estates have decreased by 1.2% from December 2015.
  2. Resale volume decreases in December 2016 According to HDB resale data compiled by SRX Property, 1,364 HDB resale flats were sold in December 2016, a 13.9% decrease from 1,585 transacted units in November 2016.

    • Year-on-year, resale volume decreased by 3.9% compared to 1,420 units resold in December 2015;
    • Resale volume was down by 62.6% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) is ZERO in December 2016 According to SRX Property, the median T-O-X for HDB was ZERO in December 2016. 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 ZERO in December 2016, increased by $2,000 compared to the figure in November 2016;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in December 2016 were NEGATIVE $1,500, ZERO, NEGATIVE $1,000 and NEGATIVE $1,000 respectively.
  4. Toa Payoh posts the highest median T-O-X For HDB towns having more than 10 resale transactions with T-O-X in December 2016, Toa Payoh reported the highest median TOX of POSITIVE $11,000 followed by POSITIVE $10,000 in Kallang/Whampoa.

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

  5. Among relatively active towns, Pasir Ris posts the most negative median T-O-X Among HDB towns having more than 10 resale transactions with T-O-X in December 2016, the lowest median T-O-X was in Pasir Ris at NEGATIVE $12,000, followed by Jurong East at NEGATIVE $9,500.

    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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