Singapore condo resale prices ease 0.8% in August: SRX

RESALE prices of non-landed private homes in Singapore eased 0.8 per cent in August 2016 over the previous month, based on SRX Property's flash estimate for last month released on Tuesday.

This follows a revised 0.7 per cent month-on-month decline in the index for July 2016. SRX Property had earlier indicated a 0.4 per cent drop for July based on its flash estimate for that month.

Giving a geographical split of price performance in August, SRX Property said that prices in the city-fringe or Rest of Central Region (RCR) and the suburbs or Outside Central Region (OCR) shrank 1.5 per cent and 0.7 per cent respectively. On the other hand, prices in the Core Central Region (CCR) inched up 0.1 per cent.

Year on year, the August 2016 overall resale price index for non-landed private homes was down 0.8 per cent from August 2015. The subindices for RCR and OCR posted year-on-year price declines of 2.9 per cent and 1.9 per cent respectively. On the other hand, the sub-index for CCR climbed 4.6 per cent over the same period.

The overall price index for August 2016 was down 7.8 per cent from its recent peak in January 2014.

SRX Property estimated that 817 non-landed private homes were resold last month - up 5.3 per cent from the 776 units resold in July 2016.

Last month's estimated resale volume was also up 59.3 per cent from the 513 units resold in August 2015 - but 60.1 per cent lower than the peak of 2,050 units in April 2010.

SRX Property's data also showed that the overall median Transaction over X-Value(TOX) worsened to negative S$11,000 in August 2016 from negative S$10,000 in July 2016.

The median TOX measures how much people are overpaying or underpaying against the computer-generated estimated market value or the so-called X value.