Condo resale prices up 1.1% in January, rising for third straight month: SRX Property

High rise private condominiums at East Coast Parkway.
High rise private condominiums at East Coast Parkway. PHOTO: ST FILE

SINGAPORE - Resale prices of non-landed private homes in Singapore rose 1.1 per cent in January from the previous month, according to SRX Property's flash estimates released on Tuesday (Feb 14).

This is bigger than the 0.5 per cent gains seen in December and November 2016.

Resale properties in prime locations led the gains, rising 1.9 per cent month on month. Units in the rest of central region and those in outlying areas recorded price increases of 1.5 per cent and 0.4 per cent respectively.

Year on year, resale prices last month were 0.3 per cent higher than in January 2016, though still down 6.8 per cent from their recent peak in January 2014.

The gradual recovery in the resale market as buyers moderated their asking prices was also reflected in the rise in transactions.

An estimated 526 units were resold in January, 9.1 per cent more than the 482 units for December 2016, and 29.9 per cent higher than the 405 units for January 2016.

Compared to the peak of 2,050 units resold in April 2010, volume was down by 74.3 per cent.

SRX figures also showed that condo units in the resale market are still changing hands at below perceived market prices.

SRX's overall median Transaction Over X-Value (TOX) - which measures how far or below computer-generated market values units are actually going for - was negative S$4,000 in January from negative S$5,000 in December.

For districts with more than 10 resale transactions in January, district 23 (Bukit Panjang, Choa Chu Kang) posted the highest median TOX of positive S$2,000.

Among relatively active districts, districts 15 and 16 (Katong, Joo Chiat, Amber Road, Bedok, Upper East Coast) posted the most negative median TOX of negative S$25,000.