July resale prices fell again...to 21-month low!

By The Folks @PropTalk - August 11, 2014 No Comments

The resale prices for non-landed private homes continued its downward trend in July, falling 1.3% month-on-month, according to flash estimates from the Singapore Real Estate Exchange (SRX) on Monday (Aug 11).

The decline represented a 21-month low since October 2012, SRX said, and the fall in prices were felt in all three regions. Prices for the Core Central Region fell the most with 4% , while Rest of Central Region and Outside Central Region dropped 1.1% and 0.6%, respectively.

The median Transaction Over X-value (TOX) for the majority of districts - 18 out of 24 - was negative in July. For districts with more than 10 resale transactions, districts 9 (Orchard, Cairnhill, River Valley), 15 (Katong, Joo Chiat, Amber Road) and 23 (Bukit Panjang, Choa Chu Kang) saw the most negative median TOX at -S$130,000, -S$40,000 and -S$30,000, respectively.

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, SRX said.

Conversely, districts 5 (Pasir Panjang, Clementi) and 16 (Bedok, Upper East Coast) posted positive TOX values of S$40,000 and S$10,000, respectively.

In terms of resale volume, there were an estimated 431 transactions in July, compared with 427 in June. The volume dropped 20.5% from the same month last year, SRX said.

Source: CNA

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