Singapore Property | SRX estimates indicate that the rise in prices is across Singapore. The central districts within the core central region increased 1.3 % to hit a new high. Development projects in the prime district are always bought up quickly. Outside the central region, the month-on-month resale prices rose 1.8%. Compared to 2017, the rise of resale prices is across all locations in Singapore.
In flash data from SRX Property, apartments and private condominiums continue to see a hike in prices. This is despite volumes falling slightly. The prices hit a new high in May, according to the real estate company’s portal.
The price increase in April has been revised sharply upwards by 1.2 %. SRX’s previous estimate for condominium prices increase was 0.6 %. Prices of non-landed private homes on resale in May also rose by 1.2 % compared to April. It is a 10.8 % jump compared to the same period last year.
The volume of units on resale is 0.6% lower than the 1570 units that were resold n April. This is after 1560 units were moved in May. It is however 25.5% higher in comparison to May 2017 where 1243 units were sold. The highest peak of development units’ resale in recent years is still the April 2010 sales that saw 2050 units sold.
A decrease of $2000 was noted in the median Transaction Over X-value (TOX). In May, the value stood at positive $18,000. The TOX value is a measure of how much property sellers are overcharging or undercharging for their housing units.
In areas with 10 or more resale transactions in the month, River Valley, Cairnhill and Orchard in district 9 had the highest median TOX. It stood at positive $80,000. Most buyers in the district bought units at a market value above the computer-generated value.
Woodgrove and Kranji areas that make up District 25 sold at a negative Median TOX with a value of negative $7,000 released in the SRX statistics. Buyers in the area acquired their properties at prices that are lower than the computer-generated market prices. District 27 that is made up of Sembawang and Yishun estates also posted a negative TOX. It stood at negative $15,000.