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Striking a bargain: Private residential resale prices hit 18-month low in June
Prices slipped in all three regions.
Homeowners who are thinking of re-selling their property must brace themselves for thinner and thinner profits. Overall resale prices of non-landed private homes continued their steady decline in June, reaching an 18-month low as prices fell islandwide.
According to the Singapore Real Estate Exchange’s Private Residential Flash Report, private resale prices fell by 1.4% month on month in June, a record low since December 2012. But compared to the recent price peak in Jan 2014, June prices are 4.7% lower.
15 out of 24 of districts also saw negative median transaction over x-values. This means that majority of the non-landed private property buyers last month in these districts purchased their units below what other buyers who came before them paid for in similar units.
For districts with more than 10 resale transactions in the month of June, district 15 (Katong, Joo Chiat, Amber Road) and 10 (Bukit Timah, Holland Rd, Tanglin) had the lowest median TOX at -$50,000 and -$37,000 respectively.
“An estimated 452 resale transactions were registered in the month of June, a 7.9% increase month-on-month. On a year-on-year basis, resale volume posted a 23.8% drop compared to 593 units resold in the same month of last year. Compared to the peak when 2050 units were resold in April 2010, the volume was still down by 78.0%. Since beginning of the year, resale volume has gone up by 53.7%,” the SRX noted.
Here’s more from the report:
On a regional basis, prices fell in all 3 regions. Rest of Central Region (RCR) led the fall by a 3.2% decrease, followed by prices in Core Central Region (CCR) and Outside Central Region (OCR) which dropped 1.7% and 0.3% respectively.
District 9 and 11 saw highest median TOX. Among districts with more than 10 resale transactions in June, district 9 (Orchard, Cairnhill, River Valley) and 11 (Watten Estate, Novena, Thomson) posted highest positive TOX values of $30,000 and $9,000 respectively.
This means that majority of the non-landed private property buyers last month in these districts purchased their units above what other buyers who came before them paid for in similar units.
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