Singapore’s private home prices and rents decline further in September

As resale and rental volumes increased by double digits.

Prices and rents in Singapore’s private residential sector continued the consecutive declines since peaks earlier this year.

According to a flash report by SRX, non-landed private residential resale prices dropped 0.3% in September, compared to August. Non-landed Private Residential in OCR drove the overall index down with price decrease of 2.1%. In comparison, prices of Non-landed Private Residential in CCR and RCR went up by 0.9% and 2.9%, respectively. In particular, Sep prices in CCR continued to rise after a 4.2% gain in Aug.

According to Non-landed Private Residential Resale data compiled by SRX Property, an estimated 468 Non-landed Private Residential units were resold in September, a 15.3% increase from 406 transacted units in August.
An estimated 3,171 Non-landed Private Residential units were rented in September 2014. This marks a 14.0% decrease from 3,688 units rented in August 2014.

Here’s more from SRX:

Rents posted a drop of 0.2% in September compared to August. Non-landed Private Residential units in RCR and OCR saw decreases in rent of 0.6% and 0.9% respectively, while units in CCR posted a rent increase of 0.3%.
Non-landed Private Residential prices continue to face downward pressure and negative market sentiment. 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.

For districts with more than 10 resale transactions in September 2014, district 15 had the highest median TOX of $65,000, followed by $18,000 and $10,000 posted by district 16 and district 10, respectively. This means that majority of the buyers in these districts has purchased units above the computer-generated market value.
Among districts with more than 10 resale transactions, the lowest median T-O-X were in district 9, district 11 and district 12, at NEGATIVE $ 37,000, NEGATIVE $35,000, and NEGATIVE $23,000, respectively.