Private resale prices flat in February: SRX

Resale prices of non-landed private homes were flat in February from the previous month, while resale volume remained low, according to flash estimates from SRX Property on Tuesday (Mar 10).

Year-on-year, resale prices dropped 3.2% from February 2014. Compared with the recent peak in January 2014, prices have declined 5.8%, SRX said.

Resale prices of private homes in the Core Central Region and the Outside of Central Region rose 1.5% and 2.0% month-on-month, respectively. In comparison, prices in the Rest of Central Region fell 0.8%.

Resale volume remained low, with 321 units resold in February, a 6.7% decrease from January, which saw 344 units resold. Year-on-year, resale volume was 36.6% higher compared with the 235 units transacted in February 2014.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value, remained at -$10,000 last month, the same as in January.

For districts with more than 10 resale transactions, district 10 (Bukit Timah, Holland Road, Tanglin) had the highest median TOX of $27,000. This means that majority of the buyers in this district has purchased units above the computer-generated market value, said SRX.

Conversely, district 15 (Katong, Joo Chiat, Amber Road) had the lowest median TOX with -$31,000, followed by district 23 (Bukit Panjang, Choa Chu Kang) with -$20,000.

Source: CNA

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