Private apartment resale volume hits 3-year high in April

The number of condominiums and private apartments sold on the resale market last month hit a three-year high, even as prices edged up during the month, according to a local property index.

A total of 689 non-landed private residential units were resold in April, a 17.6 per cent increase from the previous month and the highest since May 2013, SRX Property said. On a year-on-year basis, resale volume was up 28.1 per cent.

Resale prices inched up 0.5 per cent in April compared to the previous month, with prices in the Core Central Region and Rest of Central Region recording a price increase of 0.7 per cent and 1.3 per cent, respectively. Units in the Outside Central Region bucked the trend, with resale prices falling by 0.2 per cent.

Overall, prices were down 0.5 per cent from a year ago.

MEDIAN TOX UP

The median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, rose in April to -S$9,000, compared to -S$10,000 in March.

For districts with more than 10 resale transactions, District 20 (Bishan, Ang Mo Kio) posted the highest median TOX of S$24,000. The lowest median TOX was in District 22 (Jurong), with -S$25,000.

Source : Channel NewsAsia – 10 May 2016