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Non-landed private home resale prices in Singapore up 0.6% in Nov: SRX Property

Non-landed private residential resale prices increased by 0.6 per cent last month.

RESALE prices of non-landed private homes rose 0.6 per cent in November over October, according to the latest flash estimates from SRX Property.

This contrasts with a 0.6 per cent month-on-month drop in October.

SRX Property said there was no revision to the October 2015 price index.

Providing a geographical split of price data, SRX Property said its price index for Core Central Region rose 3 per cent month on month in November after easing 1.8 per cent in October. In the city fringe or Rest of Central Region, prices advanced 1.3 per cent last month after falling 0.8 per cent in October. However, in the suburbs or Outside Central Region, SRX's price index retreated 0.8 per cent last month after remaining unchanged in October.

Based on the November flash estimate, SRX Property's overall resale price index for non-landed private homes was down 1.3 per cent year on year.

Against the peak in January 2014, November 2015 prices were down 7.0 per cent.

SRX Property said an estimated 488 non-landed private homes were resold last month - reflecting a 2.8 per cent drop from the 502 units resold in October 2015.

Year on year, resale volume in November 2015 was 31.2 per cent more than the 372 units resold in November 2014. However, compared to the peak volume of 2,050 units in April 2010, the latest figure is down 76.2 per cent.

The overall median transaction over X-value (TOX) was zero in November after posting negative S$3,000 in October 2015. Among districts that posted at least 10 resale deals last month, prime District 9, which includes places such as Orchard, Cairnhill and River Valley, posted the worst median TOX, to the tune of negative S$70,000.

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

District 15 - which includes places like Katong and Meyer Road - posted a median TOX of negative S$25,000, while District 16 - which includes the likes of Upper East Coast and Bedok - had the highest median TOX, of positive S$35,000.