Singapore condo resale prices up 0.5% in June in 4th straight monthly increase: SRX Property

High-rise condominiums in the Scotts Road and Cairnhill area.
High-rise condominiums in the Scotts Road and Cairnhill area. PHOTO: ST FILE

SINGAPORE - 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 for last month released on Tuesday (July 12).

This marks the fourth consecutive monthly price increase. SRX also revised up May's monthly increase to 0.7 per cent from 0.4 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 from June 2015. CCR posted a year-on-year price increase of 9.2 per cent, while RCR and OCR prices were still down 0.8 per cent and 1.5 per cent, respectively.

Overall, June 2016 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 decrease compared to 763 units resold in May.

But year-on-year, resale volume in June was 27.4 per cent higher compared to 592 units resold in June 2015.

Resale volume was down by 63.2 per cent compared to its 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 S$7,000 in June from negative S$8,000 in April 2016.

This increase in median TOX is the the third consecutive monthly improvement.

The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated market value or the so-called X-Value.