Private home resale prices up 0.1% in Sept

Resale prices of non-landed private homes in Singapore inched up 0.1 per cent last month compared with August, flash estimates from SRX Property showed yesterday.

There were fewer resale transactions in September, when the property market might have felt the effects of the Hungry Ghost Month.

SRX also revised up its resale price increase for August to 0.9 per cent from an initial estimate of 0.7 per cent.

Private resale prices have been on a recovery path since November last year, albeit a more muted one than for new private homes, en-bloc or government land sales.

Compared with a year ago, private resale prices in September are 4.3 per cent higher, SRX data showed.

This came on the back of price increases across the regions, led by a 7 per cent rise in the city-fringe. Prices were up 4.6 per cent in the prime districts and 2.3 per cent in the suburban areas.

So far this year, resale prices have gone up by 3.2 per cent.

In terms of sales volume, September saw a 10.9 per cent drop in resale transactions to 1,162 from August's 1,304.

But transactions were 64.8 per cent higher compared with the 705 non-landed homes resold in September last year.

In another upbeat sign for the private resale market, SRX's median transaction over X-value (TOX) - which measures if buyers are overpaying or underpaying its computer-generated market value - rose to $5,000 from zero in August and July.

For districts with more than 10 resale transactions, District 3, which includes Alexandra and Commonwealth, posted the highest median TOX of $38,000.

District 4, which is made up of HarbourFront and Telok Blangah, posted a TOX of negative $104,000.

A version of this article appeared in the print edition of The Straits Times on October 11, 2017, with the headline 'Private home resale prices up 0.1% in Sept'. Print Edition | Subscribe