CCR index hits new high
1. Non-landed Private Residential Resale Prices increased 0.5% in November 2017. Non-landed Private Residential Resale prices increased 0.5% in November 2017 compared to October 2017. In all individual sectors – CCR, RCR and OCR recorded a price increase of 1.4%, 0.1% and 0.3% respectively.
According to the SRX Non-Landed Private Residential Price Index:
- Year-on-year, prices in November 2017 increased by 6.2% from November 2016. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 7.1%, 7.3% and 5.0% respectively.
- CCR index hits new high at 166.3. This is 1.2% higher than the last peak in Oct 2013. RCR remains at a new high for second consecutive month. OCR remains 8.3% below the previous peak recorded in June 2013.
- November 2017 prices were down by 2.4% from the peak in January 2014.
- Year-to-date, prices increase by 5.0% in comparison to January 2017.
- There was no price change revision at 1.3% in October 2017.
2. Resale volume increases by 0.9%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,475 Non-landed Private Residential units were resold in November 2017. This is a 0.9% increase compared to 1,462 units resold in October 2017.
- Year-on-year, resale volume in November 2017 was 129.4% higher compared to 643 units resold in November 2016;
- Resale volume was down by 28.0 % compared to its peak of 2,050 units resold in April 2010.
3. Overall median Transaction Over X-Value (TOX) is POSITIVE $12,000 in November 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 November 2017 is POSITIVE $12,000. This is a $6,000 increase comparing to POSITIVE $6,000 T-O-X in October 2017.
4. District 11 posts highest median T-O-X. For districts with more than 10 resale transactions in November 2017, District 11 (Newton / Novena) posted the highest median T-O-X at POSITIVE $80,000.
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 12 posts the most negative median T-O-X. District 12 (Balestier / Toa Payoh) posted a T-O-X of NEGATIVE $9,000.
This means that a majority of the buyers in these districts purchased units below the computer-generated market value.