Resale prices flat in May, resale volume up 33.1 per cent year-on-year: SRX Property

Resale prices of non-landed private residential properties remained flat in May compared to April, according to flash estimates from SRX Property on Tuesday. -- PHOTO: ST FILE
Resale prices of non-landed private residential properties remained flat in May compared to April, according to flash estimates from SRX Property on Tuesday. -- PHOTO: ST FILE

SINGAPORE - Resale prices of non-landed private residential properties remained flat in May compared to April, according to flash estimates from SRX Property on Tuesday.

Year on year, prices have dropped 2.8 per cent from May last year.

May's prices were down 6.4 per cent from the recent peak in January 2014. The price change in May has been revised from a 0.7 per cent decrease to a 0.1 per cent fall.

Prices in the prime central areas, which is known as the Core Central Region, fell 1.2 per cent.

Prices in the city-fringe - or the Rest of Central Region - were up 0.8 per cent, while the suburbs - or Outside Central Region - increased by 0.3 per cent.

The number of resale transactions improved in May.

An estimated 543 non-landed units were resold in May, 4.2 per cent increase from the 521 units resold in April.

Year-on-year, resale volume was 33.1 per cent higher compared with 408 units resold in May 2014.

But resale volume is still down 73.5 per cent compared to its peak of 2,050 units that changed hands in April 2010.

SRX Property's May data also showed that buyers of resale units are paying at, more than or below the estimated market value of these apartments.

The overall median Transaction Over X-Value (T-O-X) remained at $0 in May. A $0 T-O-X means that an equal number of people paid above and below, or at the computer-generated market value for their properties.

The T-O-X is comparable to the previously used property market's cash-over-valuation or COV.

For districts with more than 10 resale transactions in May, District 21 - Upper Bukit Timah and Ulu Pandan - had the highest median T-O-X of $16,000.

This means that most buyers here bought units above the computer-generated market value.

Among districts with more than 10 resale transactions, the lowest median T-O-X was in District 9 - Orchard, Cairnhill, and River Valley - and District 15 (Katong, Joo Chiat, Amber Road) with T-O-X of negative $20,000.

This means that most buyers in these districts purchased units below the computer-generated market value.

rachaelb@sph.com.sg