City-fringe resale condo, private apartment prices touch new high in October: SRX

SRX Property said on Tuesday that its flash estimates for October 2017 showed that resale prices for non-landed private homes in the city fringe or Rest of Central Region (RCR) have reached a new high since property cooling measures were implemented.

The index for RCR reached a new peak at 184.6, exceeding the last high of 182.1 in August 2013.

On a month-on-month basis, the index posted a 1.5 per cent gain in October 2017.

The index for the suburbs, or Outside Central Region (OCR), rose at an even faster pace of 1.7 per cent. In the prime area, or Core Central Region (CCR), prices inched up 0.3 per cent.

As a result, SRX Property's overall resale price index for private apartments and condo units rose 1.3 per cent in October 2017 over September 2017.

This followed a 0.1 per cent month-on-month rise in the overall index in September 2017. The index is up 6.3 per cent year-on-year from October 2016 though still 2.9 per cent shy of the peak in January 2014.

On year-on-year basis, the price index for RCR outshined the other two regions, with a 7.5 per cent gain. This was followed by a 6.4 per cent rise for the CCR and a 5.5 per cent increase for the OCR.

SRX estimated that 1,461 non-landed private residential units were resold in October 2017, up 18.7 per cent from the 1,231 units resold in September 2017.

Year-on-year, the resale volume in October 2017 was up 122 per cent from the 658 units resold in October 2016, but 28.7 per cent below the peak of 2,050 units in April 2010.

SRX Property said that the private resale non-landed volume for the first 10 months of the year is 46 per cent higher than that for the whole of 2016.

It predicted that the total volume this year is expected to be about 65 per cent higher than last year.