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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

May 2017 Rentals   (Download the full report here)

Headline: Non-Landed Private Rents decrease by 0.8%, HDB Rents increase by 0.7% in May 2017;
More  

A. Non-Landed Private Residential Rental Market

  1. 1. Private rents decrease by 0.8% in May. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.8% in May 2017 compared to April 2017. Non-Landed Private Residential units rents in CCR, RCR and OCR decreased by 1.8%, 0.5% and 0.4% respectively.

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

    • Year-on-year, rents in May 2017 were down by 3.9% from May 2016. In individual sectors, CCR, RCR and OCR posted 3.7%, 3.2% and 4.8% year-on-year decrease in price, respectively.
    • Rents in May 2017 were 19.7% down compared to its peak in January 2013.
    • Price index is down 1.1% on year-to-date basis from January 2017.
    • Price change was revised from 0.1% to 0.0% in April 2017.
  2. 2. Rental volume increases by 12.5%. According to SRX Property, an estimated 4,650 Non-landed Private Residential units were rented in May 2017. This represented a 12.5% increase from 4,134 units rented in April 2017.

    • Year-on-year, rental volume in May 2017 was 6.1% higher than 4,381 units rented in May 2016.

B. HDB Rental Market

  1. 1. HDB rents increase by 0.7%. According to SRX Property Price Index for HDB Rentals, rents increased by 0.7% from April 2017 to May 2017. HDB 3 Rooms, HDB 4 Rooms, HDB 5 Rooms and HDB Executive increased by 1.5%, 0.6%, 0.2% and 0.2% respectively.

    According to SRX Property Price Index for HDB Rentals:

    • Year-on-year, rents in May 2017 were down by 3.6% from May 2016.
    • Rents in May 2017 were down 13.0% compared to its peak in August 2013.
    • Year-to-date, rental price index has declined by 0.4% from January 2017.
    • Price change was revised from 0.1% to 0% in April 2017.

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

    • Rents in Mature Estate and Non-mature Estates increased by 1.2% and 0.1% respectively.
    • Year-on-year, rents of Mature Estates in May 2017 slipped 2.8% from May 2016.
    • Year-on-year, rents of Non-mature Estates in May 2017 dropped 4.5% from May 2016.
  2. 2. HDB rental volume remains almost unchanged. According to SRX Property, an estimated 1,873 HDB flats were rented in May 2017, close to the 1,872 units rented in April 2017.

    • Year-on-year, rental volume in May 2017 decreased by 3.5% from May 2016.

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

Headline: Private Resale Non-Landed Prices Increase 0.4% in May; Volume Increases 17.4%
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  1. Non-landed Private Residential Resale Prices increased 0.4% in May 2017. Non-landed Private Residential Resale prices increased 0.4% in May 2017 compared to April 2017. In individual sectors, both CCR and RCR recorded a price increase of 1.1%, while OCR recorded a price decrease by 0.4%.

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

    • Year-on-year, prices in May 2017 increased by 1.5% from May 2016. In individual sectors, CCR, RCR recorded a year-on-year price increase of 3.5% and 2.3% respectively, while OCR recorded a year-on-year price decrease of 0.2%.
    • May 2017 prices were down by 5.2% from the recent peak in January 2014.
    • Year-to-date, prices increase by 2.1% in comparison to January 2017.
    • Price change in April 2017 was revised from 0.0% to -0.2%.
  2. Resale volume increases by 17.4%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,235 Non-landed Private Residential units were resold in May 2017. This is a 17.4% increase compared to 1,052 units resold in April 2017.

    • Year-on-year, resale volume in May 2017 was 57.7% higher compared to 783 units resold in May 2016;
    • Resale volume was down by 39.8% compared to its peak of 2,050 units resold in April 2010.
  3. Overall median Transaction Over X-Value (TOX) is $2,000 in May 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 May 2017 is $2,000. This is a $3,000 decrease compared to $5,000 in April 2017.
  4. Districts 4 post highest median T-O-X. For districts with more than 10 resale transactions in May 2017, District 4 (Harbourfront and Telok Blangah) posted the highest median T-O-X at POSITIVE $60,000.

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

  5. Among relatively active districts, District 17 posts the most negative median T-O-X. District 17 (Changi) posted a T-O-X of NEGATIVE $21,000.

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

May 2017 HDB Resale (Download the full report here)

Headline: HDB Resale Prices inch down 0.1%; Volume increase by 8.1%.
More  
  1. HDB resale prices decrease in May 2017. There was a decrease of 0.1% in HDB Resale prices in May 2017 compared to that of April 2017. The resale prices of 5 Rooms and HDB Executive increased by 0.5% and 0.3% respectively, while HDB 3 Rooms remain unchanged and HDB 4 Rooms decreased by 0.1%.

    According to the SRX Property Price Index for HDB Resale:

    • Year-on-year, prices have decreased by 0.7% from May 2016;
    • Prices have declined by 11.6% since the peak in April 2013;
    • There is no price revision to the -0.3% change in April 2017.

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

    • In May 2017, HDB resale prices in mature estates increased by 0.2%, while non-mature estates decreased by 0.4%;
    • Year-on-year, prices in mature estates have increased by 0.1% from May 2016;
    • Year-on-year, prices in non-mature estates have decreased by 1.3% from May 2016;
  2. Resale volume increases in May 2017 According to HDB resale data compiled by SRX Property, 1,983 HDB resale flats were sold in May 2017, an 8.1% increase from 1,834 transacted units in April 2017.

    • Year-on-year, resale volume increased by 7.5% compared to 1,844 units resold in May 2016.
    • Resale volume was down by 45.7% compared to its peak of 3,649 units in May 2010.
  3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $2,000 in May 2017 According to SRX Property, the median T-O-X for HDB was NEGATIVE $2,000 in May 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 $2,000 in May 2017, decreased by $1,000 compared to the figure in April 2017;
    • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in May 2017 were NEGATIVE $3,000, ZERO, NEGATIVE $3,000 and NEGATIVE $1,500 respectively.
  4. Bishan posts the highest median T-O-X For HDB towns having more than 10 resale transactions with T-O-X in May 2017, Bishan reported the highest median TOX of POSITIVE $10,000 followed by POSITIVE $3,500 in Jurong East.

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

  5. Among relatively active towns, Toa Payoh and Sembawang post the most negative median T-O-X Among HDB towns having more than 10 resale transactions with T-O-X in May 2017, the lowest median T-O-X was in Toa Payoh at NEGATIVE $16,000, followed by Sembawang at NEGATIVE $10,000.

    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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