Condo resale prices fall 0.9% in September over August to lowest since July 2012: SRX flash data

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

SINGAPORE - Resale prices of condominium units and apartments fell by 0.9 per cent in September from August, according to flash estimates released by SRX Property on Tuesday (Oct 11).

The month on month drop was the sharpest since a similar decline in February this year. Resale prices dropped 0.7 per cent in August.

SRX Property noted that based on its index, resale prices for non-landed homes last month were at their lowest in 50 months, or just over four years. September's index value of 163.9 is the lowest since the index hit 162.3 in July 2012.

 Year on year, resale prices in September were 1.5 pr cent lower than a year ago, and 8.5 per cent off their recent peak in January 2014.

Going by location, the city fringe and districts outside prime areas saw year on year price declines of 3.5 per cent and 2.6 per cent respectively. On the other hand, the prime districts saw prices increase by 3.5 per cent.

Resale transactions also dropped by 17.7 per cent last month with 683 homes sold compared to 830 units in August.

Year on year though, resale volume was 45.9 per cent higher compared to 468 units in September 2015.

It was down by 66.7 per cent compared to its peak of 2,050 units in April 2010.

To make the sale, sellers in September went a median S$10,000 below the estimated market value of their property.

SRX's median TOX - which measures whether buyers are overpaying or underpaying its computer-generated market value - came in at negative S$10,000 last month, S$1,000 less than the negative S$11,000 in August.

 For districts with more than 10 resale transactions, district 9 (Orchard Road, River Valley, Cairnhill) posted the highest median TOX at +S$23,000.

5. Among relatively active districts, district 3 (Queenstown, Tiong Bahru, Alexandra) posted the most negative median TOX of -S$35,000.