Singapore resale condo prices up 0.5% in November: SRX Property

RESALE prices of private condominiums in Singapore posted a 0.5 per cent increase in November 2017 from a month ago, SRX Property flash estimates showed on Tuesday.

From a year ago, condo resale prices in November were 6.2 per cent higher, but were down by 2.4 per cent from the peak in January 2014.

In the year to date, condo resale prices increased by 5 per cent from January 2017.

All regions recorded year-on-year price increases, with the Core Central Region (CCR), Rest of Central Region (RCR) and Outside Central Region (OCR) registering gains of 7.1, 7.3 and 5 per cent, respectively.

The CCR index hit a new high at 166.3, which is 1.2 per cent higher than the last peak seen in October 2013.

Based on SRX Property's estimates of condo resale transactions, about 1,475 units were resold in November 2017, a 0.9 per cent bump in volume compared to the 1,462 units resold in October 2017.

On a year-on-year basis, resale volume in November 2017 was 129.4 per cent higher compared to the 643 units resold in November 2016, but was down by 28 per cent when compared to the peak of 2,050 units resold in April 2010, according to SRX data.

Overall median TOX (Transaction Over X-Value) in November 2017 was S$12,000, doubled the S$6,000 in October 2017. TOX is similar to the cash-over-valuation model, and measures whether buyers are overpaying or underpaying based on SRX Property's computer-generated market value.

The district with more than 10 resale transactions in November this year, District 11 - encompassing the Newton and Novena areas - posted the highest median TOX for the month at S$80,000.

This means a majority of buyers in the district purchased units above the computer-generated market value.

District 12 - encompassing the Balestier and Toa Payoh areas - posted the most negative median TOX of S$9,000.