Condo resale prices fall by 0.7%

Resale prices of condominium units and apartments fell by 0.7 per cent in October from September, according to flash estimates released by SRX Property. Based on the SRX Property index, resale prices for private non-landed homes last month were at th
Resale prices of condominium units and apartments fell by 0.7 per cent in October from September, according to flash estimates released by SRX Property. Based on the SRX Property index, resale prices for private non-landed homes last month were at their lowest in 50 months, or just over four years.ST FILE PHOTO

Resale prices of condominium units and apartments fell by 0.7 per cent last month from September, according to flash estimates released by SRX Property yesterday.

September's drop in resale prices was revised up to 0.6 per cent from the flash estimate of 0.9 per cent.

Based on the SRX Property index, resale prices for private non-landed homes last month were at their lowest in 50 months, or just over four years.

Last month's index value of 163.6 is the lowest since the index hit 162.3 in July 2012.

Year on year, resale prices last month were 1.1 per cent lower than a year ago, and 8.5 per cent off their recent peak in January 2014.

Going by location, the city fringes and outlying districts saw year on year price declines of 2 per cent and 3.3 per cent respectively. On the other hand, the prime districts saw prices increase by 4.9 per cent, extending their price recovery.

Resale transactions also dropped by 15.2 per cent last month with 586 homes sold compared to 691 units in September.

Year on year, though, resale volume was 15.4 per cent higher compared to 508 units resold in October last year.

It was down by 71.4 per cent compared to its peak of 2,050 units in April 2010.

To close sales, sellers last month went a median $10,000 below the estimated market value of their property, the same as in September.

SRX's median TOX measures whether buyers are overpaying or underpaying its computer-generated market value.

For districts with more than 10 resale transactions, district 16 (Bedok, Upper East Coast, Siglap) posted the highest median TOX of +$10,000.

Among relatively active districts, district 21 (Upper Bukit Timah, Ulu Pandan, Clementi Park) posted the most negative median TOX of -$23,000.

A version of this article appeared in the print edition of The Straits Times on November 09, 2016, with the headline 'Condo resale prices fall by 0.7%'. Print Edition | Subscribe