Condo resale buyers paid $10,000 below estimated market value in December, with up to $80,000 below for District 10

SRX Property said on Tuesday that non-landed private residential prices continue to face downward pressure and negative market sentiment.

The firm's median T-O-X (Transactions-over-X Value) for non-landed private residential units measures whether people are overpaying or underpaying its computer generated X-Value estimated market value.

The median T-O-X was negative $10,000 in December 2014, down from $0 in November.

Among relatively active districts, District 10 (Bukit Timah, Holland, Tanglin) posts the most negative median T-O-X.

Among districts  with more than 10 resale transactions, the lowest median T-O-X was in district 10  (Bukit Timah, Holland, Tanglin) with T-O-X of negative $80,000, followed by negative $41,000 in district 23 (Bukit Panjang, Choa Chu Kang), and negative $32,000 in district 5 (Pasir Panjang, Clementi). This means that majority of the buyers in these districts purchased units below the computer-generated market value.

Districts 25 (Kranji, Woodgrove) and 15 (Katong, Joo Chiat, Amber Rd) posted high median T-O-X. For districts with more than 10 resale transactions in December 2014, district 25 (Kranji, Woodgrove) had the highest median T-O-X of  $25,000, followed by $24,000 in district 15 (Katong, Joo Chiat, Amber Rd).

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