Resale of pte flats down 70.2% in Jan from a year ago

[Ringo33]

RESALE of non-landed private residential homes tumbled 70.2 per cent from 1,039 deals in January 2013 to 310 deals in January 2014, and the Singapore Real Estate Report (SRX) says this is a direct result of cooling measures.
The 310 resale deals also represent a 9.1 per cent fall from last December's 341 transactions.
"While CNY has had some impact, it is clear from the long-term data that the cooling measures are having maximum impact on the volume side of the equation," said Jeremy lee, co-founder of srx.com.sg.
Overall resale prices of non-landed private residential units rose 2.3 per cent in January this year, marking the second consecutive monthly rise in prices since last December, according to the SRX Property Resale Index.
Prices of resale homes outside the central region (OCR) gained 2.4 per cent, while those in the core central region (CCR) gained 2.1 per cent. The rest of the central region (RCR) however, saw resale prices soften by 0.9 per cent.
"Even though volume is low, prices continue to fight upwards. Our research suggests that market pricing is trying to keep up with Singapore's growth, as measured by gross domestic product," said Mr Lee.
Meanwhile, overall rental prices of private non-landed residential units rose 1.1 per cent, in what is its first climb in the last six months.
All three regions recorded rental price gains in January 2014. Rents in the RCR rose 3.6 per cent, CCR 0.4 per cent and OCR 0.2 per cent.
Rental deals also fell 14.1 per cent to 2,348 deals in January 2014, down from 2,734 deals in January 2013. But this was 8.1 per cent higher than the number of deals recorded last December.

[reporter2]

http://www.businesstimes.com.sg/brea...o-srx-20140210

Published February 10, 2014

Resale of pte flats down 70.2% in Jan from a year ago: SRX

By Jacquelyn Cheok [email protected]


RESALE of non-landed private residential homes tumbled 70.2 per cent from 1,039 deals in January 2013 to 310 deals in January 2014, and the Singapore Real Estate Report (SRX) says this is a direct result of cooling measures.

The 310 resale deals also represent a 9.1 per cent fall from last December's 341 transactions.

"While CNY has had some impact, it is clear from the long-term data that the cooling measures are having maximum impact on the volume side of the equation," said Jeremy lee, co-founder of srx.com.sg.

Overall resale prices of non-landed private residential units rose 2.3 per cent in January this year, marking the second consecutive monthly rise in prices since last December, according to the SRX Property Resale Index.

Prices of resale homes outside the central region (OCR) gained 2.4 per cent, while those in the core central region (CCR) gained 2.1 per cent. The rest of the central region (RCR) however, saw resale prices soften by 0.9 per cent.

"Even though volume is low, prices continue to fight upwards. Our research suggests that market pricing is trying to keep up with Singapore's growth, as measured by gross domestic product," said Mr Lee.

Meanwhile, overall rental prices of private non-landed residential units rose 1.1 per cent, in what is its first climb in the last six months.

All three regions recorded rental price gains in January 2014. Rents in the RCR rose 3.6 per cent, CCR 0.4 per cent and OCR 0.2 per cent.

Rental deals also fell 14.1 per cent to 2,348 deals in January 2014, down from 2,734 deals in January 2013. But this was 8.1 per cent higher than the number of deals recorded last December.

[reporter2]

http://www.todayonline.com/singapore...e-transactions

Business

Private home resale market sees further decline in transactions

Cooling measures are having maximum impact on volumes, analyst says

Published: 10 February, 12:22 PM


SINGAPORE — There was a sharp fall in the number of private homes changing hands in the resale market last month as property cooling measures took their toll.

An estimated 310 non-landed private homes were resold in January, a 9.1 per cent drop from December’s 341 resale transactions, according to data from the Singapore Real Estate Exchange (SRX). On a year-on-year basis, sales fell 70.2 per cent.

“It is clear from the long-term data that the cooling measures are having maximum impact on the volume side of the equation,” said Jeremy Lee, co-founder of srx.com.sg.

But while transactions fell, resale prices went up in January. According to the SRX Property Resale Index, overall resale prices of non-landed private residential units gained 2.3 per cent in January, marking the second consecutive monthly rise in prices.

“Even though volume is low, prices continue to fight upwards,” said Mr Lee. “Our research suggests that market pricing is trying to keep up with Singapore’s growth, as measured by GDP.”

[reporter2]

http://www.businesstimes.com.sg/spec...wn-70-20140211

Published February 11, 2014

Resale of non-landed homes in Jan down 70%

But prices are up 2.3% from Dec, going by SRX flash estimates

By Lynette Khoo [email protected]


RESALE transactions of non-landed private residential homes tumbled 70.2 per cent to 310 in January, from 1,039 deals a year ago.

In the latest sign that buyers' sentiment remains dampened by recent cooling measures, flash estimates from the Singapore Real Estate Exchange (SRX) released over the weekend indicated that the number of resale deals last month was also 9.1 per cent lower than December's 341 transactions.

But it was not all gloom for developers last month: resale prices as measured by the SRX index rose 2.3 per cent from the December level.

Analysts said that the lower number of transactions in January might have made the overall price index more sensitive to deals that changed hands at a higher price last month.

ERA key executive officer Eugene Lim said: "Sales will continue to be driven by new launches; the resale market is likely to continue in its current muted state as home sellers and buyers have a mismatch of expectations.

"The increase in completion of private housing is expected to keep resale prices in check."

He expects the number of completed units to go up from last year's 13,150 to 17,540 this year; the figure is expected to be 21,299 next year and 27,321 in 2016.

Alan Cheong, senior director for research and consultancy at Savills, said that the latest SRX flash estimates "still look encouraging", but he expressed concern about the current market sentiment.

"Pessimism is festering, even though many can still afford to buy private residential properties," he said.

The rise in the SRX resale price index was led by gains in the core central region (CCR) and outside central region (OCR), which marked respective increases of 2.1 per cent and 2.4 per cent for the month.

In the rest of central region (RCR), resale prices softened by 0.9 per cent.

R'ST research director Ong Kah Seng said: "The price decrease of resale properties in RCR in January was partially due to developers already cutting prices for city fringe properties in the second half of 2013; owners of resale properties also have to lower their asking prices."

Buyers within the RCR tend to be more vulnerable to the total debt servicing ratio rule, which curtails borrowing above a 60 per cent threshold of one's monthly income, analysts noted.

Overall rental prices rose for the first time in six months with a 1.1 per cent increase in January. All three regions marked gains, with rental prices climbing 3.6 per cent in the RCR, 0.4 per cent in CCR and 0.2 per cent in the OCR.

Rental volume of 2,348 contracts in January was 8.1 per cent higher than in December; it was, however, a 14.1 per cent contraction from January last year.

ERA's Mr Lim said: "It is now a tenant's market; properties nearer MRT stations will probably see rents holding up. In addition, new apartments are preferred over older ones."

He predicts that overall private property prices will come under pressure from new completions and ease further by between 6 per cent and 10 per cent this year.