Condo resale prices up 1.1% in January: SRX

SRX Property figures show that condo units in the resale market are still changing hands at below perceived market prices.
SRX Property figures show that condo units in the resale market are still changing hands at below perceived market prices.PHOTO: ST FILE

Resale prices of non-landed private homes in Singapore rose 1.1 per cent in January from the previous month, SRX Property's flash estimates out yesterday show. This is bigger than the 0.5 per cent gains seen in the last two months of 2016.

Resale units in prime locations led the gains, up 1.9 per cent month on month. Units in the rest of central region and those in outlying areas posted price rises of 1.5 per cent and 0.4 per cent, respectively.

Year on year, resale prices last month were 0.3 per cent higher than in January 2016, though still down 6.8 per cent compared to their recent peak in January 2014.

The gradual recovery in the resale market as sellers moderated their asking prices was also reflected in the rise in transactions.

January saw 526 units transacted, 9.1 per cent up on the 482 units for December, and 29.9 per cent higher than the 405 units for January 2016. Compared to the peak of 2,050 units resold in April 2010, volume was down by 74.3 per cent.

SRX figures also show that condo units in the resale market are still changing hands at below perceived market prices.

SRX's overall median Transaction Over X-Value (TOX) - a measure of how far, or below computer- generated market values, units are going for - was minus $4,000 in January, an improvement from minus $5,000 in December. For locations with over 10 resale transactions in January, district 23 (Bukit Panjang, Choa Chu Kang) posted the highest median TOX of positive $2,000.

A version of this article appeared in the print edition of The Straits Times on February 15, 2017, with the headline 'Condo resale prices up 1.1% in January: SRX'. Print Edition | Subscribe