Condo resale prices up 0.4% in December, hardly change for full-year: SRX Property

High-rise condominium buildings in the Singapore city centre.
High-rise condominium buildings in the Singapore city centre. PHOTO: ST FILE

SINGAPORE - After slowly rising, then dipping, then rising again, resale prices of condominiums and apartments are almost back where they were at the start of 2016.

Resale prices of non-landed private residential properties edged up 0.4 per cent last month from November for a full-year increase of just 0.1 per cent, according to flash figures from SRX Property on Tuesday (Jan 10).

That prices in 2016 rose not fell was due to the 1.8 per cent increase for properties in the prime districts.

In contrast, prices of resale units in the city fringe and outlying districts fell 0.9 per cent and 0.4 per cent respectively over 2016.

December's resale prices are down 7.8 per cent from their recent peak in Jan 2014.

SRX Property also revised up the month on month price increase in November to 0.5 per cent from 0.3 per cent.

December prices in the core central region (CCR) or prime districts remained unchanged, but the rise was led by increase of 1.2 per cent in properties outside the central region (OCR), while prices decreased in rest of the central region (RCR) by 0.5 per cent.

The number of resale units sold in December fell by 21.7 per cent to 484 units from 618 units in November, according to SRX data. However, year on year volume was 6.8 per cent higher compared to 453 units resold in December 2015.

The volume was 76.3 per cent down from its peak in April 2010 when 2050 units were resold.

SRX's computer-generated median transaction over X-value (TOX), which measures whether people are overpaying or underpaying from the estimated market value, also decreased in December to -S$5,000 from -S$2,000 in November.

District 10 (Bukit Timah, Holland Road, Tanglin) posted the highest median TOX of +S$24,000, for districts with more than 10 resale transactions in December, while District 3 (Queenstown, Tiong Bahru) posted the most negative median TOX of S$27,000.