Singapore condo resale prices up 0.3% in July: SRX Property

High-rise condominiums in the Scotts Road and Cairnhill area.
High-rise condominiums in the Scotts Road and Cairnhill area. ST PHOTO: ALPHONSUS CHERN

SINGAPORE - Resale prices of non-landed private residential properties edged up 0.3 per cent in July compared to June, according to flash estimates from SRX Property on Thursday.

Year on year, prices have dropped 0.9 per cent from July last year.

July's prices were down 6.5 per cent from the recent peak in January 2014. The price change in June has been revised downwards from a 0.4 per cent increase to a 0.1 per cent increase.

Prices in the prime central areas, which is known as the Core Central Region, rose 1.7 per cent, while prices the suburbs - or Outside Central Region - rose by 1 per cent.

However prices in the city-fringe - or the Rest of Central Region - fell 2.2 per cent.

The number of resale transactions improved in June compared to a year ago.

An estimated 515 units were resold last month, 33.4 per cent or roughly one-third higher compared with the 386 units that changed hands in July 2014.

But resale volume was 10.4 per cent lower than in June, when 575 units changed hands.

Resale volume is down 74.9 per cent compared to its peak of 2,050 units resold in April 2010.

SRX Property's July data also showed that buyers of resale units are generally paying the estimated market value of these apartments.

The overall median Transaction Over X-Value (T-O-X) remained at $0 in July. 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 July, District 9 (Orchard, Cairnhill, River Valley) posted the highest median T-O-X of ositive $37,000.

 Among relatively active districts, District 15 (Katong, Joo Chiat, Amber Road) and District 21 (Upper Bukit Timah, Ulu Pandan) posted the most negative T-O-X median of negative $35,000.