Private Resale Non-Landed Prices Increase 1.3% in October; Volume Increases by 18.7%

RCR price index reaches new high since cooling measures; Y-o-Y transaction volume more than doubles in Oct

1. Non-landed Private Residential Resale Prices increased 1.3% in October 2017. Non-landed Private Residential Resale prices increased 1.3% in October 2017 compared to September 2017. In all individual sectors – CCR, RCR and OCR recorded a price increase of 0.3%, 1.5% and 1.7% respectively.





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

• Year-on-year, prices in October 2017 increased by 6.3% from October 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 6.4%, 7.5% and 5.5% respectively.
• October 2017 prices were down by 2.9% from the peak in January 2014.
• Year-to-date, prices increase by 4.5% in comparison to January 2017.
• Rest-of-Central (RCR) prices reach new peak at 184.6. The last high was recorded in Aug 2013 at 182.1.
• There was no price change revision at 0.1% in September 2017.

2. Resale volume increases by 18.7%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,461 Non-landed Private Residential units were resold in October 2017. This is a 18.7% increase compared to 1,231 units resold in September 2017.

• Year-on-year, resale volume in October 2017 was 122.0% higher compared to 658 units resold in October 2016;
• Resale volume was down by 28.7 % compared to its peak of 2,050 units resold in April 2010.
• Private resale non-landed volume for the first 10 months of the year is 46% higher than the entire 2016. Therefore, total volume this year is expected to be about 65% higher than last year.

3. Overall median Transaction Over X-Value (TOX) is POSITIVE $6,000 in October 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 October 2017 is POSITIVE $6,000. This is a $1,000 increase comparing to POSITIVE $5,000 T-O-X in September 2017, and highest this year.

4. District 3 posts highest median T-O-X. For districts with more than 10 resale transactions in October 2017, District 3 (Alexandra / Commonwealth) posted the highest median T-O-X at POSITIVE $68,000.



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 1 posts the most negative median T-O-X. District 1 (Boat Quay / Raffles Place / Marina) posted a T-O-X of NEGATIVE $50,000.

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