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SRX Research

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

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.

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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.

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  • 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%

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

 

For the full year, resale non-landed prices inch up 0.1% in 2016, led by CCR.

1. Non-landed Private Residential Resale prices increased by 0.4% in December 2016 compared to November 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.

SPI

SPI by Region

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.

Resale Volume

∙         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.

Median Resale TOX

∙         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.

Median TOX by district

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.


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.

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.
HDB SPI
SPI by Property Type
Median Resale Price

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;

 Mature vs Non Mature

Mature vs Non Mature Index

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.

HDB Resale Volume
  • 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.
HDB Resale Median  TOX
  • 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.



A. Non-Landed Private Residential Rental Market

1. Private rents decrease by 0.8% in November. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents decreased by 0.8% in November 2016 compared to October 2016. Non-Landed Private Residential units rents in CCR, RCR and OCR decreased by 0.7%, 0.9% and 0.9% respectively.
SPI P

SPI by region P
According to SRX Property Price Index for Non-landed Private Rentals:
  • Year-on-year, rents in November 2016 were down by 4.5% from November 2015. In individual sectors, CCR, RCR and OCR posted 3.4%, 4.4% and 5.3% year-on-year decrease in price, respectively.
  • Rents in November 2016 was 18.9% down compared to its peak in January 2013.


2. Rental volume decreases by 0.5%.
 According to SRX Property, an estimated 3,811 Non-landed Private Residential units were rented in November 2016. This represented a 0.5% decrease from 3.830 units rented in October 2016.
Rental Volume P

  • Year-on-year, rental volume in November 2016 was 20.8% higher than 3,156 units rented in November 2015.

 
B. HDB Rental Market

1. HDB rents decrease by 0.9%. 
According to SRX Property Price Index for HDB Rentals, rents decreased by 0.9% from October 2016 to November 2016. HDB 3 Rooms, HDB 4 Rooms and HDB 5 Rooms decreased by 1.6%, 0.5% and 1.1% respectively. On the other hand, HDB Executive increased by 0.8%.

HDB P
HDB by flat types
According to SRX Property Price Index for HDB Rentals:

  • Year-on-year, rents in November 2016 were down by 4.6% from November 2015.
  • Rents in November 2016 were down 12.2% compared to its peak in August 2013.

 SPI HDB Mature Estates
Mature Estates by Region

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

  • Rents in Mature and Non-mature Estates decreased by 1.2% and 0.7% respectively.
  • Year-on-year, rents of Mature Estates in November 2016 slipped 4.5% from November 2015.
  • Year-on-year, rents of Non-mature Estates in November 2016 dropped 4.7% from November 2015.

 

2. HDB rental volume decreases by 1.3%. According to SRX Property, an estimated 1,747 HDB flats were rented in November 2016, a 1.3% decrease from 1,770 units rented in October 2016.
HDB Volume

  • Year-on-year, rental volume in November 2016 decreased by 7.3% from November 2015.
1. Non-landed Private Residential Resale prices increased by 0.3% in November 2016 compared to October 2016. In individual sectors, CCR and OCR recorded a price increase of 0.5% and 0.4% respectively. On the other hand, RCR remain unchanged.

SPI

SPI by region

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

∙         Year-on-year, prices in November 2016 decreased by 1.0% from November 2015. In individual sectors, RCR and OCR recorded a year-on-year price decrease of 1.5% and 2.6% respectively. On the other hand, CCR posted a year-on-year price increase of 2.3%.

∙         November 2016 prices were down by 8.3% from the recent peak in January 2014.


2. Resale volume decreases by 8.8%.
 According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 581 Non-landed Private Residential units were resold in November 2016. This is a 8.8% decrease compared to 637 units resold in October 2016.

 Resale Volume

∙         Year-on-year, resale volume in November 2016 was 21.3% higher compared to 479 units resold in November 2015;

∙         Resale volume was down by 71.7% compared to its peak of 2,050 units resold in April 2010.

3. Overall median Transaction Over X-Value (TOX) increases in November 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.

 Median Resale TOX

∙         The median T-O-X in November 2016 is NEGATIVE $3,000, This is a $7,000 increase compared to NEGATIVE $10,000 in October 2016.

4. District 04 posts highest median T-O-X. For districts with more than 10 resale transactions in November 2016, District 04 (Mount Faber, Telok Blangah, Harbourfront) posted the highest median T-O-X at POSITIVE $25,000.

 TOX by district

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 22 and 27 posts the most negative median T-O-X. District 22 and 27 (Boon Lay, Jurong, Tuas and Sembawang, Yishun, Admiralty) posted a T-O-X of NEGATIVE $20,000.

 

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

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