Condo resale prices edge up 0.3% in November, after four straight months of decline: SRX Property

High-rise condominium buildings in the Singapore city centre.
High-rise condominium buildings in the Singapore city centre.PHOTO: ST FILE

SINGAPORE - Resale prices of condominium units and apartments inched up 0.3 per cent in November from October, according to flash estimates released by SRX Property on Tuesday (Dec 13).

November's rise reversed a 0.7 per cent month on month drop in October, which was the fourth straight month of resale price decline.

Year on year, resale prices last month decreased by 1 per cent from November 2015, and were down by 8.3 per cent from the recent peak in January 2014.

Going by location, the city fringes and outlying districts continued to see year on year price declines, falling 1.5 per cent and 2.6 per cent respectively. On the other hand, the resale prices in prime districts rose 2.3 per cent, extending their price recovery.

The number of resale transactions dropped again, down 8.8 per cent last month to 581 compared to 637 units in October.

Year on year though, resale volume last month was 21.3 per cent higher compared to 479 units in November 2015. Compared to its peak of 2,050 units resold in April 2010, volume was down by 71.7 per cent.

Sellers in November continued to sell below the estimated computer-generated market value of their property, but the margin narrowed significantly.

SRX's median Transaction Over X-Value (TOX) in November was -S$3,000 compared to -S$10,000 in October.

For districts with more than 10 resale transactions in November, district 04 (Mount Faber, Telok Blangah, Harbourfront) posted the highest median TOX of +$25,000.

Among relatively active districts, district 22 and 27 (Boon Lay, Jurong, Tuas and Sembawang, Yishun, Admiralty) posted the most negative median TOX of -S$20,000.