Non-landed private home resale prices down slightly in September: SRX Property

SINGAPORE — After a brief recovery in August, resale prices of non-landed private homes fell again in September, dipping 0.3 per cent compared to August, SRX Property said today (Oct 14).

Last month’s decline was driven by a drop in prices in the Outside Central Region (OCR), where prices fell 2.1 per cent. However, prices in the Core Central Region (CCR) and Rest of Central Region (RCR) went up by 0.9 per cent and 2.9 per cent respectively.

Overall prices have fallen as much as 5.6 per cent since the recent peak in January earlier this year, and is also 4.6 per cent lower compared to prices in September last year.

An estimated 468 non-landed private residential units were resold last month, up from 406 units in August, marking a 15.3 per cent increase. Resale volume also improved by 13.3 per cent as compared to the 413 units resold in September last year.

Meanwhile, rental volumes dropped with an estimated 3,171 units rented in September, a 14.0 per cent decrease from the 3,688 units rented in August this year. This is 8.7 per cent higher compared with September last year, when 2,916 units were rented.

According to SRX Property, rental prices posted marginal drop of 0.2 per cent compared with the previous month, and were 5.3 per cent lower compared to last year.

Private residential units is RCR and OCR saw decreases in rent of 0.6 per cent and 0.9 per cent respectively, while units in CCR posted an increase of 0.3 per cent.

Overall median Transaction Over X-Value (TOX), which measures if people are overpaying or underpaying relative to the estimated market value computed by SRX, remained negative last month at -S$2,000, up from -S$10,000 the previous month, suggesting that most buyers are still underpaying for homes but closer to SRX Property’s computer generated values.

Among districts with more than 10 resale transactions last month, district 15 reported the most positive median TOX, with buyers overpaying S$65,000 compared to SRX Property’s rate. District 16 and district 10 followed behind with S$18,000 and S$10,000 respectively

In comparison, the lowest median TOX figures were in district 9, district 11 and district 12, with people paying -S$37,000, -S$35,000, -S$23,000 respectively for their units.