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Property News13 Jun 2018

Condo resale prices rise 1.2% to new high in May

NLP Resale FB 01

SINGAPORE - Prices of private condominiums and apartments continued their climb in May, hitting a new high although volumes dipped slightly, according to flash data from real estate portal SRX Property released on Tuesday (June 12).

This comes as the monthly price increase for April 2018 was revised sharply upwards to 1.2 per cent, from SRX's earlier estimate of a 0.6 per cent rise.

Resale prices of non-landed private properties last month rose 1.2 per cent compared to April and jumped 10.8 per cent from last May, according to the SRX estimates.

Resale prices in the prime district, or core central region (CCR), hit a new high, after increasing 1.3 per cent over the previous month. Those outside of central region (OCR) rose 1.8 per cent month-on-month, while prices in the rest of central region (CCR) remained unchanged.

Compared to last year, resale prices increased across all locations, with the CCR, RCR and OCR recording rises of 11.2 per cent, 11.4 per cent, and 9.9 per cent respectively.

Resale volume stood at 1,560 units, 0.6 per cent lower than the 1,570 units resold in April, but 25.5 per cent higher than the 1,243 units moved in May 2017.

However, resale transactions were still lower by 23.9 per cent compared to the peak of 2,050 units in April 2010.

Overall median transaction over X-value (TOX) was positive $18,000 in May, a decrease of $2000 compared to the previous month's showing.

online 180612 price chart

TOX measures how much a buyer is overpaying or underpaying on a property based on SRX Property's computer-generated market value.

Among areas with more than 10 resale transactions in May, District 9's Orchard, Cairnhill and River Valley posted the highest median TOX at positive $80,000 which suggests that a majority of the buyers in that district purchased units above the computer-generated market value.

Meanwhile, the Kranji and Woodgrove areas that constitute District 25 recorded the most negative median TOX of a negative $7,000, suggesting that a majority of the buyers in that district purchased units below the computer-generated market value.

District 27 - formed by Yishun and Sembawang estates - posted a negative TOX of $15,000, meaning that a majority of the buyers in that district potentially purchased units below the computer-generated market value.

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