Private Resale Non-Landed Prices Rise 1.5% in March, hitting historic high; Volume Increases by 11.4%

1. Non-landed Private Residential Resale Prices increased 1.5% in March 2018. Non-landed Private Residential Resale prices increased 1.5% in March 2018 compared to February 2018. In all individual sectors – CCR, RCR and OCR recorded a price increase of 2.2%, 1.3% and 1.3% respectively.

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

• Year-on-year, prices in March 2018 increased by 8.5% from March 2017. In individual sectors, CCR, RCR and OCR recorded a year-on-year price increase of 8.0%, 11.4% and 7.0% respectively.

•  March 2018 prices were up by 1.5% from the peak last month, February 2018.

•  Price change was revised from 1.9% to 2.0% in February 2018.

•  Overall price index continues to increase, CCR and RCR prices continue to set new records in March 2018.

2. Resale volume increases by 11.4%. According to Non-Landed Private Residential Resale data compiled by SRX Property, an estimated 1,310 Non-landed Private Residential resale units were resold in March 2018. This is a 11.4% increase compared to 1176 units resold in February 2018.

• Quarter-on-quarter, prices have increased by 3.5% from Q4 2017. Quarter-on-quarter calculation is based on the index average of first three months of 2018 and that of the preceding quarter.

3. Overall median Transaction Over X-Value (TOX) is POSITIVE $20,000 in March 2018.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 for March 2018 is POSITIVE $20,000. It remains unchanged comparing to POSITIVE $20,000 T-O-X for February 2018.
•  Price increase is broad-based. All districts with at least 10 transactions posted positive, or at least zero, median T-O-X.  

4. Districts 10 and 11 post highest median T-O-X. For districts with more than 10 resale transactions in March 2018, District 10  (Tanglin / Holland / Bukit Timah) and District 11(Watten Estate, Novena, Thomson) posted the highest median T-O-X at POSITIVE $60,000.



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

 
5. Among relatively active districts, Districts 4 and 22 post the smallest median T-O-X.District 4 (Sentosa / Harbourfront) and District 22 (Jurong) posted a T-O-X of $0.

This suggests that a majority of the buyers in these districts purchased on par with the computer-generated market value.