SINGAPORE - Resale prices of non-landed private homes in Singapore rose for the fifth straight month to a 2½-year high, according to SRX Property's flash estimates released on Tuesday (April 11).
SRX's private resale index reached 168.8 last month, the highest since September 2014.
In other bullish indicators for the private resale market, the number of units sold improved by over 50 per cent from the previous month while buyers hiked their asking prices from below perceived market rates where they had been languishing for many months.
Private resale prices climbed 0.5 per cent in March from the previous month, easing though from the upwardly revised rise of 1.1 per cent in February. Prices rose 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 2.2 per cent higher than in March 2016, though still down by 5.5 per cent from their recent peak in January 2014.
Prices again increased across all locations, rising 0.4 per cent month on month in prime districts, 0.7 per cent in the city fringes and 0.4 per cent in outlying areas.
An estimated 1,058 units changed hands in March, up 51.8 per cent from the 697 units resold in February.
Year on year, resale volume last month was 77.5 per cent higher compared to 596 units resold in March 2016. Resale volume was still down by 48.4 per cent compared to its peak of 2,050 units in April 2010.
SRX's overall median Transaction Over X-Value (TOX), which measures how far or below computer-generated market values units are actually going for, jumped to zero in March from negative S$10,000 in January.
For districts with more than 10 resale transactions in March, District 5 (Buona Vista, West Coast, Clementi New Town) posted the highest median TOX at positive S$23,000.
Among relatively active districts, District 12 (Balestier, Toa Payoh) posted the most negative median TOX of negative S$23,000.