Condo resale prices inch up 0.4% in June: SRX Property

High-rise private apartment condominiums in the Scotts Road and Cairnhill area.
High-rise private apartment condominiums in the Scotts Road and Cairnhill area. PHOTO: ST FILE

SINGAPORE - Resale prices of non-landed private residential properties edged up 0.4 per cent in June compared to May, according to flash estimates from SRX Property on Tuesday.

Year on year, prices have dropped 1.6 per cent from June last year.

June's prices were down 6.2 per cent from the recent peak in January 2014. The price change in May has been revised from no change to a 0.1 per cent increase.

Prices in the prime central areas, which is known as the Core Central Region, fell 0.8 per cent.

But prices in the city-fringe - or the Rest of Central Region - were up 1.1 per cent, while the suburbs - or Outside Central Region - rose by 0.5 per cent.

The number of resale transactions improved in June compared to a year ago.

An estimated 552 units were resold last month, 34.0 per cent or roughly one-third higher compared with the 412 units that changed hands in June 2014.

Not surprisingly, considering June is a school holiday month, its 522 units were 10 per cent down from the 613 units resold in May this year.

Resale volume is down 73.1 per cent compared to its peak of 2,050 units resold in April 2010.

SRX Property's June data also showed that buyers of resale units are generally paying the estimated market value of these apartments.

The overall median Transaction Over X-Value (T-O-X) remained at $0 in June. A $0 T-O-X means that an equal number of people paid above and below, or at the computer-generated market value for their properties.

The T-O-X is comparable to the previously used property market's cash-over-valuation or COV.

For districts with more than 10 resale transactions in June, District 5 (Pasir Panjang, Clementi) posted the highest median T-O-X of positive $30,000 followed by District 10 (Bukit Timah, Holland Road, Tanglin) and District 15 (Joo Chiat, Marine Parade, Katong) both at T-O-X of positive $14,000.

Among relatively active districts, District 9 (Orchard Road, River Valley) posteded the most negative median T-O-X of $55,000.