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SRX Research

Year-on-year, private non-landed rents down 5.0% last month compared with Jan 2016, with the smallest decline seen in CCR

A. Non-Landed Private Residential Rental Market

1. Private rents increase by 1.3% in January. According to SRX Property Price Index for Non-landed Private Residential Rentals, rents increased by 1.3% in January 2017 compared to December 2016. Non-Landed Private Residential units rents in CCR, RCR and OCR increased by 0.9%, 1.6% and 1.3% respectively.

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

  • Year-on-year, rents in January 2017 were down by 5.0% from January 2016. In individual sectors, CCR, RCR and OCR posted 2.9%, 6.1% and 5.7% year-on-year decrease in price, respectively.
  • Rents in January 2017 was 18.9% down compared to its peak in January 2013.
  • Price change in December 2016 was revised from -1.3% to -1.4%.

2. Rental volume increases by 5.8%.
 According to SRX Property, an estimated 3,813 Non-landed Private Residential units were rented in January 2017. This represented a 5.8% increase from 3,605 units rented in December 2016.

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  • Year-on-year, rental volume in January 2017 was 0.7% higher than 3,785 units rented in January 2016.


B. HDB Rental Market

1. HDB rents decrease by 0.6%. According to SRX Property Price Index for HDB Rentals, rents decreased by 0.6% from December 2016 to January 2017. HDB 4 Rooms, HDB 5 Rooms and HDB Executive decreased by 0.8%, 1.5% and 0.3% respectively. On the other hand, HDB 3 Rooms increased by 0.2%.

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According to SRX Property Price Index for HDB Rentals:
  • Year-on-year, rents in January 2017 were down by 4.8% from January 2016.
  • Rents in January 2017 were down 12.7% compared to its peak in August 2013.
  • Price change was revised from 0.2% to 0.1% in December 2016.

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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 0.4% and Non-mature Estates decreased by 0.8%.
  • Year-on-year, rents of Mature Estates in January 2017 slipped 5.1% from January 2016.
  • Year-on-year, rents of Non-mature Estates in January 2017 dropped 4.5% from January 2016.

2. HDB rental volume decreases by 16.1%. According to SRX Property, an estimated 1,427 HDB flats were rented in January 2017, a 16.1% decrease from 1,701 units rented in December 2016.

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  • Year-on-year, rental volume in January 2017 decreased by 27.7% from January 2016.

Year-on-Year, overall prices increase 0.3%, led by CCR which recorded a 2.7% increase; Overall volume up 30% year-on-year

1. Non-landed Private Residential Resale Prices increase by 1.1% in January 2017. 
Non-landed Private Residential Resale prices increased by 1.1% in January 2017 compared to December 2016. In individual sectors, CCR, RCR and OCR recorded a price increase of 1.9%, 1.5% and 0.4%, respectively.

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

∙         Year-on-year, prices in January 2017 increased by 0.3% from January 2016. In individual sectors, RCR and OCR recorded a year-on-year price decrease of 0.1% and 1.1% respectively. On the other hand, CCR posted a year-on-year price increase of 2.7%.

∙         January 2017 prices were down by 6.8% from the recent peak in January 2014.

∙         Price change in December 2016 was revised from 0.4% to 0.5%. 

2. Resale volume increases by 9.1%. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 526 Non-landed Private Residential units were resold in January 2017. This is a 9.1% increase compared to 482 units resold in December 2016.

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∙         Year-on-year, resale volume in January 2017 was 29.9% higher compared to 405 units resold in January 2016;

∙         Resale volume was down by 74.3% compared to its peak of 2,050 units resold in April 2010.

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

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         The median T-O-X in January 2017 is NEGATIVE $4,000, This is a $1,000 increase compared to NEGATIVE $5,000 in December 2016.

4. District 23 posts highest median T-O-X. For districts with more than 10 resale transactions in January 2017, District 23 (Bukit Panjang, Choa Chu Kang) posted the highest median T-O-X at POSITIVE $2,000.

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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 15 and 16 posts the most negative median T-O-X. District 15 and 16 (Katong, Joo Chiat, Amber Road, Bedok, Upper East Coast) posted a T-O-X of NEGATIVE $25,000.

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

Compared to the same month last year, prices inch down 0.1% in Jan.

1. HDB resale prices decrease in January 2017. There was a decrease of 0.3% in HDB Resale prices in January 2017 compared to that of December 2016. The resale prices of HDB 3 Rooms, HDB 4 Rooms decreased by 0.6% and 0.5% respectively, while HDB 5 Rooms and HDB Executive increased by 0.4% and 0.9% respectively.
HDB Price Index
SPI by Property Type
Median Resale Price

According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, prices have decreased by 0.1% from January 2016;
  • Prices have declined 11.2% since the peak in April 2013;
Mature and Non Mature Estates

Mature and Non Mature Estates 2

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

  • In January 2017, HDB resale prices in mature estates decreased by 0.7%, while non-mature estates remained the same;
  • Year-on-year, prices in mature estates have increased by 0.7% from January 2016;
  • Year-on-year, prices in non-mature estates have decreased by 0.8% from January 2016;

2. Resale volume decreases in January 2017
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According to HDB resale data compiled by SRX Property, 1,174 HDB resale flats were sold in January 2017, a 13.9% decrease from 1,364 transacted units in December 2016.
HDB Resale Volume
  • Year-on-year, resale volume decreased by 8.9% compared to 1,289 units resold in January 2016.
  • Resale volume was down by 67.8% compared to its peak of 3,649 units in May 2010.

3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $3000 in January 2017.
 According to SRX Property, the median T-O-X for HDB was NEGATIVE $3000 in January 2017. 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 NEGATIVE $3000 in January 2017, decreased by $3,000 compared to the figure in December 2016;
  • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in January 2017 were NEGATIVE $3,000, NEGATIVE $4,000, $2,400 and NEGATIVE $10,500 respectively.

4. Geylang posts the highest median T-O-X
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For HDB towns having more than 10 resale transactions with T-O-X in January 2017, Geylang reported the highest median TOX of POSITIVE $5,500 followed by POSITIVE $4,000 in Tampines.

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

5. Among relatively active towns, Punggol posts the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in January 2017, the lowest median T-O-X was in Punggol at NEGATIVE $8,500, followed by Yishun and Toa Payoh at NEGATIVE $8,000.

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.


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