Business

Private-home resale prices 
rise 1.1 per cent in January

Resale prices of non-landed private homes rose 1.1 per cent last month from December, according to SRX Property's flash estimates released yesterday.

This is bigger than the 0.5 per cent gains seen in December and November last year.

Resale properties in prime locations led the gains, rising 1.9 per cent month on month.

Units in the rest of the central region and in outlying areas recorded price increases of 1.5 per cent and 0.4 per cent, respectively.

Year on year, resale prices last month were 0.3 per cent higher than in January last year, though still down 6.8 per cent from their peak in 2014.

A gradual recovery in the resale market, as buyers moderated asking prices, was reflected in a rise in transactions.

An estimated 526 units were resold last month, 9.1 per cent more than the 482 units for December, and 29.9 per cent higher than the 405 units for January last year.

Compared with the peak of 2,050 units resold in April 2010, volume was down by 74.3 per cent.

SRX figures also showed condo units in the resale market are changing hands at below perceived market prices.

SRX's overall median Transaction Over X-Value (TOX), which measures how much above or below computer-generated market values units are actually going for, was negative $4,000 last month from negative $5,000 in December.

For districts with more than 10 resale transactions last month, district 23 (Bukit Panjang, Choa Chu Kang) posted the highest median TOX of positive $2,000.

- THE STRAITS TIMES

HOUSINGBusinessEconomy