Resale private condo prices up 0.1% in Dec, led by suburban transactions: SRX (Amended)

PRICES of resale private condos inched up 0.1 per cent in December compared to the month before, driven mainly by transactions in the suburban areas, going by the flash estimates of SRX Property.

With the exception of the outside central region (OCR) that posted a 0.5 per cent rise last month, transactions in the city centre (core central region) and city fringe (rest of central region) registered declines of 1.1 per cent and 1.2 per cent, respectively.

On a year-on-year basis, the SRX non-landed private residential price index fell 4.2 per cent in December. Prices have fallen 6.1 per cent since the last peak in January 2014.

An estimated 371 resale units were sold in December, unchanged from November, and 13.1 per cent higher compared to 328 units sold in December 2013.

According to SRX Property, condo units were changing hands last month at a negative S$10,000 below the computer generated market value; this seems to suggest further downward pressure amid negative market sentiment.

The original story incorrectly stated that resale condo prices in OCR posted a 0.1 per cent rise last month. It should be 0.5 per cent. The story has been amended to reflect this.