Singapore condo resale prices slip 0.8% in August, falling for 2nd straight month: SRX Property

Private apartments and condominiums in the Scotts Road and Cairnhill area.
Private apartments and condominiums in the Scotts Road and Cairnhill area. PHOTO: ST FILE

SINGAPORE - Resale prices of condminiums and private apartments slipped for a second straight month in August, after edging up from March to June, according to flash estimates from SRX Property on Tuesday (Sept 13).

Prices declined 0.8 per cent in August compared to July, SRX said. It also revised the month-on-month price decline in July to 0.7 per cent from 0.4 per cent.

Prices in the city fringe and suburban areas recorded dips of 1.5 per cent and 0.7 per cent respectively, while homes in the prime districts eked out a 0.1 per cent gain.

Year-on-year, resale prices last month were 0.8 per cent lower than in August 2015. They are down by 7.8 per cent from their last peak in January 2014.

SRX Property's data also shows that 5.3 per cent more resale units were sold in August compared to July - 817 from 776.


SOURCE: SRX PROPERTY/ URA

This came as sellers were willing to go farther below the estimated market value of their property to make the sale. SRX's median TOX - which measures whether buyers are overpaying or underpaying its computer-generated market value - came in at negative S$11,000 in August, S$1,000 more than the negative S$10,000 in July.

For districts with more than 10 resale transactions in August, District 20 (Bishan, Ang Mo Kio) posted the highest median TOX of positive S$18,000. This means that a majority of the buyers in this district purchased units above the computer-generated market value.


SOURCE: SRX PROPERTY

District 15 (Katong, Joo Chiat, Amber Road) posted the most negative TOX of -S$48,000.

Year-on-year, resale volume in August was 59.3 per cent higher compared to 513 units resold a year ago. But resale volume was down by 60.1 per cent compared to its peak of 2,050 units in April 2010.