Singapore condo resale prices post 4th consecutive m-o-m gain: SRX Property

RESALE prices of non-landed private homes in Singapore rose 0.5 per cent in June 2016 over the previous month, based on SRX Property's flash estimates for last month released on Tuesday. This marks the fourth consecutive month-on-month price increase.

SRX Property's latest data also reflects a revised month-on-month gain of 0.7 per cent for May 2016 compared with the 0.4 per cent increase that SRX Property had indicated earlier based on its flash estimates for May.

Last month's price increase applies across the board to all three geographical regions. Prices rose 0.9 per cent in Core Central Region (CCR), 0.3 per cent in the city-fringe or Rest of Central Region (RCR) and 0.5 per cent in the suburbs or Outside Central Region (OCR).

Year on year, the June 2016 overall resale price index for non-landed private homes was up 1.1 per cent from June 2015. The CCR subindex posted a year-on-year price hike of 9.2 per cent while the subindices for RCR and OCR posted declines of 0.8 per cent and 1.5 per cent respectively over the same period.

The overall price index for June was down 5.9 per cent from its recent peak in January 2014.

SRX Property estimated that 754 non-landed private homes were resold last month, a slight decrease of 1.2 per cent from the 763 units resold in May 2016. Last month's resale volume reflects a year-on-year increase of 27.4 per cent compared with the 592 units resold in June last year. However, last month's resale volume was down 63.2 per cent from the peak of 2,050 units resold in April 2010.

SRX Property's data also showed that the overall median transaction over X-Value(TOX) improved to negative S$7,000 in June 2016 from negative S$8,000 in May 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.