Non-landed private residential resale prices dipped 0.8% in December

Resale volume dropped 24%.

Non-landed private residential resale prices slipped 0.8% MoM in December 2018, according to the Singapore Real Estate Exchange (SRX) Property.

YoY, prices in December 2018 increased by 7.5%, with prices in the Central Core Region (CCR), rest of Central Region (RCR) and the Outside Central Region (OCR) seeing a YoY increase of 6.5%, 8.4% and 7.4%, respectively.

Meanwhile, non-landed private residential resale volume decreased 24% MoM with an estimated 479 units resold in December 2018 compared to the 630 units resold in November. In YoY terms, resale volume in December 2018 was 50.7% lower than the 972 units resold in 2017.

"The number of resale transactions in December 2018 was half the number sold YoY, possibly due to a few factors," Orange Tee & Tie's head of research & consultancy Christine Sun said in a statement. "First there have been a number of new projects being launched in recent months, especially in November. Some demand could have been drawn away by these new launches as individual resellers will not be able to match the marketing and advertising strenght of private developers.

She added that rising trade tensions between US and China, coupled with uncertainty in the stock market and an increase in interest rates could have further affected buying sentiments temporarily.

SRX’s median transaction over X-value (TOX) which measures how much a buyer is overpaying or underpaying the SRX Property X-value’s estimated market value came in at -$10,000 in December 2018. The TOX remained unchanged from November 2018.

According to SRX, District 27 which includes Yishun and Sembawang posted the highest median TOX at +$21,000, followed by District 4 at +$10,000. District 15 which encompasses Katong, Joo Chiat and Amber Road however reported the lowest median TOX at -$80,000.

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