Resale prices of non-landed private homes rise again

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

Private resale prices climbed 0.9 per cent last month, from the previous month. Prices rose 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 on the city fringes and 0.9 per cent in outlying areas.

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

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

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

The price and volume recovery in the resale market were driven by improved buying interest.

SRX's overall median Transaction Over X-Value (TOX) was negative $10,000 last month, compared with negative $4,000 in January.

For districts with more than 10 resale transactions last month, district 18 (Tampines, Pasir Ris) posted the highest median TOX of positive $9,000.

Among relatively active districts, district 13 (MacPherson, Braddell) posted the lowest median TOX of negative $30,000.

A version of this article appeared in the print edition of The Straits Times on March 15, 2017, with the headline 'Resale prices of non-landed private homes rise again'. Print Edition | Subscribe