Private-home resale prices rise for 4th straight month, up 0.9% in February: SRX Property

Resale prices of non-landed private homes in Singapore rose for the fourth straight month, according to SRX Property's flash estimates.
Resale prices of non-landed private homes in Singapore rose for the fourth straight month, according to SRX Property's flash estimates.PHOTO: ST FILE

SINGAPORE - Resale prices of non-landed private homes in Singapore rose for the fourth straight month, according to SRX Property's flash estimates released on Tuesday (March 14).

Private resale prices climbed 0.9 per cent in February from the previous month, after rising a revised 1 per cent in January and 0.3 per cent and 0.6 per cent in December and November last year respectively.

Year on year, resale prices last month were 1.8 per cent higher than in February 2016, and down by 6 per cent from their recent peak in January 2014.

Prices increased across all locations, rising 1 per cent month on month in prime districts, 0.8 per cent in the city fringes and 0.9 per cent in outlying areas.

An estimated 694 apartments and condominium units were resold in February, 31.2 per cent higher than the 529 units for January, which may have seen slower sales due to Chinese New Year.

Year on year, resale volume in February was 77.9 per cent higher compared to the 390 units resold in February 2016, though that month also may have felt the Chinese New Year effect.

Resale volume was down by 66.1 per cent compared to its peak of 2,050 units in April 2010.

The price and volume recovery in the resale market came as buyers moderated their asking prices.

SRX's overall median Transaction Over X-Value (TOX) - which measures how far or below computer-generated market values units are actually going for - was negative S$10,000 in February from negative S$4,000 in January.

For districts with more than 10 resale transactions in February, district 18 (Tampines, Pasir Ris) posted the highest median TOX of +S$9,000.

Among relatively active districts, district 13 (Macpherson, Braddell) posted the most negative median TOX of -S$30,000.