Observations:
- Non-landed Private Residential Resale prices inched up 0.1%. Non-landed Private Residential Resale prices increased 0.1% in December compared to November 2014. This increase is driven by transactions in OCR where prices went up 0.5%. On the other hand, prices dropped in CCR and RCR by 1.1%, and 1.2%, respectively.
According to the SRX Non-landed Private Residential Price Index:
- Year-on-year, prices have dropped 4.2% from December 2013;
- Prices have declined 6.1% since the recent peak in Jan 2014.
- Resale volume remained flat. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 371 Non-landed Private Residential units were resold in December, levelled with 371 units resold in November.
- Year-on-year, resale volume was 13.1% higher compared with 328 units resold in December 2013;
- Resale volume is down 81.9% compared to its peak of 2,050 units resold in April 2010.
- Overall median Transaction Over X-Value (T-O-X) dropped to NEGATIVE 10,000. According to SRX Property, Non-landed Private Residential prices continue to face downward pressure and negative market sentiment. The median T-O-X for Non-landed Private Residential measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.
- The median T-O-X was NEGATIVE $10,000 in December 2014, down from $0 in November;
- Districts 25 (Kranji, Woodgrove) and 15 (Katong, Joo Chiat, Amber Rd) posted high median T-O-X. For districts with more than 10 resale transactions in December 2014, district 25 (Kranji, Woodgrove) had the highest median T-O-X of $25,000, followed by $24,000 in district 15 (Katong, Joo Chiat, Amber Rd).
This means that majority of the buyers in these districts has purchased units above the computer-generated market value.
5. Among relatively active districts, District 10 (Bukit Timah, Holland, Tanglin) posts the most Negative median T-O-X. Among districts with more than 10 resale transactions, the lowest median T-O-X was in district 10 (Bukit Timah, Holland, Tanglin) with T-O-X of NEGATIVE $80,000, followed by NEGATIVE $41,000 in district 23 (Bukit Panjang, Choa Chu Kang), and NEGATIVE $32,000 in district 5 (Pasir Panjang, Clementi).
This means that majority of the buyers in these districts has purchased units below the computer-generated market value.
Source: SRX (13 Jan 2015)