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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

March 2019 Rentals   (Download the full report here)

Headline: Rental Price and Volume in March 2019 Trend Upwards for Both Non-Landed Private Residential and HDB
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A. Non-Landed Private Residential Rental Market

  1. Overall rents increase by 0.3% from February 2019. CCR rents increased 2.3%, while RCR and OCR rents decreased by 0.8% and 0.1% respectively.

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

    • Year-on-year, rents increased by 1.5% from March 2018.
    • Rents were down by 17.7% from the peak in January 2013.
    • All regions recorded a year-on-year rent increase. CCR by 1.6%, RCR by 0.3% and OCR by 2.5%.
  2. Volume increases by 41.4% from February 2019. An estimated 5,184 Non-Landed Private Residential units were rented in March 2019.

    • Year-on-year, rental volume in March 2019 was 1.3% lower than 5,250 units rented in March 2018.

B. HDB Rental Market

  1. HDB rents increase by 0.2% as compared to previous month. HDB 4 Rooms and Executive rose by 0.8% and 0.8% respectively, while 3 Rooms and 5 Rooms dropped by 0.3% and 0.5% respectively. Rents in Mature Estates increased by 0.7% and those in Non-mature Estates decreased by 0.5% versus February 2019.

    According to the SRX Property Price Index for HDB Rentals:

    • Year-on-year, overall HDB rents increased by 0.5%.
    • Rents were down by 15.1% from the peak in August 2013.
    • Mature Estates rents increased 1.0%, while Non-mature Estates decreased by 0.2% from March 2018.
    • Monthly change in index value for February 2019 was revised to -0.1% from 0.0%.
  2. HDB rental volume increases. An estimated 2,220 HDB flats were rented in March 2019 representing a 58.3% increase from February 2019.

    • Year-on-year, rental volume was 5.4% lower than 2,346 units rented in March 2018.

March 2019 Non-Landed Private Resale (Download the full report here)

Headline: SRX SPI Edges 0.1% Higher in March 2019; Non-Landed Private Residential Resale Volume Highest Since July 2018
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  1. Outside Central Region best performing in March 2019. Compared to February 2019, OCR increased by 1.3%, while CCR prices decreased by 2.1% and RCR prices were unchanged.

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

    • Year-on-year, prices increased by 3.5%
    • Prices were 0.6% lower than the peak in July 2018
    • Year-on-year price increase across all 3 regions; CCR by 0.6%, RCR by 3.1% and OCR by 5.1%
    • February 2019 index revised to 0.6% from 0.5% previously reported
  2. Non-Landed Private Residential resale volume increased substantially. An estimated 830 Non-Landed Private Residential resale units were transacted in March 2019, representing a 59.3% increase from the 521 units resold in February 2019. However, March 2019 resale volumes were 41.4% lower than the 1,417 units transacted in March 2018.

  3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $4,000 in March 2019, an increase of $6,000 from the NEGATIVE $10,000 recorded in the preceding month. The median T-O-X for Non-Landed Private Residential measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX Property X-Value estimated market value.

  4. District 15 (Katong, Joo Chiat, Amber Road) posted the highest median T-O-X at POSITIVE $14,000,

    followed by District 9 (Orchard, Cairnhill, River Valley) at POSITIVE $10,000 (for districts having more than 10 resale transactions in March 2019)
  5. District 4 (Telok Blangah, Harbourfront) posted the lowest median T-O-X at NEGATIVE $50,000,

    followed by District 21 (Upper Bukit Timah, Ulu Pandan) at NEGATIVE $35,000 (for districts having more than 10 resale transactions in March 2019).

March 2019 HDB Resale (Download the full report here)

Headline: Highest HDB Resale Volume Jumps 26% In March 2019. Prices Also Rise, With SRX SPI For HDB Resale At Its Highest Level Since August 2018
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  1. HDB resale prices increase by 0.2% in March 2019 over February 2019. HDB 3 Rooms and Executives prices rise by 0.8% and 0.4% respectively, while the prices of 4 Rooms and 5 Rooms both dropped by 0.2%. Those located in Mature Estates decreased by 0.1%, however, those in Non-Mature Estates increased by 0.5% as compared to February 2019.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices in March 2019 decreased by 1.0%
    • Prices in March 2019 were down by 13.7% from the peak in April 2013.
    • Mature Estates and Non-Mature Estates both recorded a year-on-year price decrease of 2.2% and 0.1% respectively from March 2018.
  2. 1,657 HDB resale flats were transacted in March 2019, representing a 26.1% increase from the 1,314 units sold in February 2019. Year-on-year, resale volume in March 2019 was 12.7% lower than 1,897 units transacted in the previous year.

  3. Overall median transaction Over X-Value (T-O-X) was ZERO in March 2019. This represents an increase of $1,000 as compared to February 2019. The median T-O-X for HDB measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) relative to the SRX Property X-Value estimated market value. HDB 4 Rooms, 5 Rooms, and Executive flats witnessed POSITIVE Median T-O-X $1,000, $3,000 and $4,900 respectively in March 2019. Only HDB 3 Rooms recorded a NEGATIVE $3,000 Median T-O-X.

  4. Pasir Ris posts the highest median T-O-X at POSITIVE $7,500 in March 2019, followed by Bukit Panjang at POSITIVE $7,000 (for HDB towns having more than 10 resale transactions).

  5. Queenstown posts the lowest median T-O-X at NEGATIVE $11,100, followed by Jurong East at NEGATIVE $10,600 (for HDB towns having more than 10 resale transactions with T-O-X).

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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