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Singapore private home sales up 178% in March

1. Non-landed Private Residential Resale Prices increase in March 2016. Non-landed Private Residential Resale prices inched up by 0.3% in March 2016 compared to February 2016. In individual sectors, CCR recorded a price decrease of 1.7%. On the other hand, RCR and OCR posted a 0.1% and 1.3% increase in price, respectively.

According to the SRX Non-landed Private Residential Price Index:

  • Year-on-year, prices in March 2016 dropped 1.2% from March 2015. In individual sectors, CCR and RCR posted a year-on-year price increase of 1.9% and 0.8%, respectively, while OCR recorded a year-on-year price decrease of 3.5%.
  • March 2016 prices were down by 7.3% from the recent peak in January 2014.
  • Price change in February 2016 was revised from -0.3% to -0.6%.

2. Resale volume increases by 47.6% in March 2016. According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 577 Non-landed Private Residential units were resold in March 2016. This is a 47.6% increase compared to 391 units resold in February 2016.

  • Year-on-year, resale volume in March 2016 was 19.0% higher compared to 485 units resold in March 2015;
  • Resale volume was down by 71.9% compared to its peak of 2,050 units resold in April 2010.
3. Overall median Transaction Over X-Value (TOX) decreases in March 2016. 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 in March 2016: NEGATIVE $10,000. This is a $3,000 decrease compared to NEGATIVE $7,000 in February 2016.

4. District 9 posts highest median T-O-X. For districts with more than 10 resale transactions in March 2016, District 9 (Orchard, Cairnhill, River Valley) posted the highest median T-O-X at POSITIVE $20,000.

5. Among relatively active districts, District 14 posts the most negative median T-O-X. District 14 (Geylang, Eunos) posted a T-O-X of NEGATIVE $29,000.

This means that a majority of the buyers in these districts purchased units below the computer-generated market value.

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