Headlines
- Non-landed Private Residential Resale prices dipped. Non-landed Private Residential Resale prices dropped 0.3% in September compared to August 2014. Non-landed Private Residential in OCR drove the overall index down with price decrease of 2.1%. In comparison, prices of Non-landed Private Residential in CCR and RCR went up by 0.9% and 2.9%, respectively. In particular, Sep prices in CCR continued to rise after a 4.2% gain in Aug.
According to the SRX Non-landed Private Residential Price Index:
- Year-on-year, prices have dropped 4.6% from September 2013;
- Prices have declined 5.6% since the recent peak in Jan 2014.
- Resale volume increased by 15.3%. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 468 Non-landed Private Residential units were resold in September, a 15.3% increase from 406 transacted units in August.
- Year-on-year, resale volume improved 13.3% compared with 413 units resold in September 2013;
- Resale volume is down 77.2% compared to its peak of 2,050 units resold in April 2010.
- Rental volume decreased by 14.0%. An estimated 3,171 Non-landed Private Residential units were rented in September 2014. This marks a 14.0% decrease from 3,688 units rented in August 2014.
- Year-on-year, rental volume in September 2014 is 8.7% higher compared with 2,916 units rented in September 2013.
- Rental prices continued to fall. According to the SRX Non-landed Private Residential Price Index for Rentals, rents posted a drop of 0.2% in September compared to August. Non-landed Private Residential units in RCR and OCR saw decreases in rent of 0.6% and 0.9% respectively, while units in CCR posted a rent increase of 0.3%.
- Year-on-year basis, rents in September 2014 are down 5.3% from September 2013.
- Overall median Transaction Over X-Value (T-O-X) remains negative. According to SRX Property, Non-landed Private Residential prices continue to face downward pressure and negative market sentiment. 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 T-O-X was NEGATIVE $2,000 in September 2014; This was an increase of $8,000 from NEGATIVE $10,000 in August 2014;
- The median T-O-X has been negative since Oct 2013.
- Districts 10, 15 and 16 with relatively high activity saw a POSITIVE median T-O-X. For districts with more than 10 resale transactions in September 2014, district 15 had the highest median TOX of $65,000, followed by $18,000 and $10,000 posted by district 16 and district 10, respectively.
Source: SRX (13 Oct 2014)