Resale prices of non-landed private homes edge up again

Resale prices of non-landed private homes in Singapore rose 0.5 per cent in June over the previous month.
Resale prices of non-landed private homes in Singapore rose 0.5 per cent in June over the previous month. PHOTO: ST FILE

Resale prices of non-landed private homes in Singapore rose 0.5 per cent in June over the previous month, according to SRX Property's flash estimates released yesterday.

This marks the fourth consecutive monthly price increase. SRX also revised up May's monthly increase from 0.4 per cent to 0.7 per cent.

June's price increase applied across all locations.

Prices improved by 0.9 per cent in the core central region (CCR), 0.3 per cent in the city fringe or rest of central region (RCR) and 0.5 per cent in the suburbs or outside central region (OCR).

Year on year, resale prices for non-landed private homes in June were up 1.1 per cent. CCR posted a year-on-year price increase of 9.2 per cent, while RCR and OCR prices were down 0.8 per cent and 1.5 per cent respectively.

Overall, the June prices were down by 5.9 per cent from the recent peak in January 2014.

SRX Property data showed a month-on-month dip in resale transactions. An estimated 754 non-landed private residential units were resold in June, a 1.2 per cent fall compared with 763 units resold in May.  But year on year, resale volume in June was 27.4 per cent higher than the 592 units resold in June last year.

Resale volume was down by 63.2 per cent compared to the peak of 2,050 units resold in April 2010.

SRX Property's data showed that the overall median transaction over X-Value (TOX) improved to negative $7,000 in June from negative $8,000 in April.

The median TOX measures how much people are overpaying or underpaying against a computer-generated estimated market value, or the so-called X-Value. The increase in median TOX was the third consecutive monthly rise.

A version of this article appeared in the print edition of The Straits Times on July 13, 2016, with the headline 'Resale prices of non-landed private homes edge up again'. Print Edition | Subscribe