Resale condo prices steady after 5 months of increases

Resale prices of non-landed private homes in Singapore were unchanged in April from March. PHOTO: ST FILE

Resale prices of non-landed private homes in Singapore were unchanged in April from March, putting a stop to five straight months of month-on-month price rises, SRX Property's flash estimates showed yesterday.

The report also showed the number of resale transactions fell 21 per cent in April from March.

However, this came as sellers hiked their asking prices to above perceived market rates - the first time they have crossed that line in at least two years.

By location, the city fringes and outlying areas recorded month-on-month price increases of 1.2 per cent and 0.1 per cent respectively, while the prime districts saw prices decline by 1.2 per cent.

Private resale prices rose an upwardly revised 0.8 per cent month on month in March, 1 per cent in February, 0.9 per cent in January, 0.3 per cent last December and 0.6 per cent last November.

Year on year, private resale prices last month were 1.8 per cent higher than in April 2016, though still down by 5.4 per cent from their recent peak in January 2014.

An estimated 907 units changed hands in April, down 21 per cent from the 1,148 resale units for March. Year on year, resale volume last month was 48 per cent higher, compared with 613 units resold in April 2016. Resale volume was still down by 55.8 per cent, compared with its peak of 2,050 units in April 2010.

SRX's overall median Transaction Over X-Value (TOX) - how far above or below computer-generated market values that units are going for - rose to $5,000 in April from zero in March.

For districts with more than 10 resale transactions in April, districts 16 (Bedok and Upper East Coast) and 21 (Clementi Park and Upper Bukit Timah) posted the highest median TOX of $37,000. Among relatively active districts, district 11 (Newton and Novena) posted the most negative median TOX of -$40,000.

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A version of this article appeared in the print edition of The Straits Times on May 10, 2017, with the headline Resale condo prices steady after 5 months of increases. Subscribe