Resale housing prices up: SRX

04:45 AM Nov 10, 2012

SINGAPORE - The resale housing market has kicked off the fourth quarter on
an upbeat note, with both prices of non-landed private homes and Housing and Development Board flats rising last month from the third quarter, data yesterday from the Singapore Real Estate Exchange (SRX) showed.

The average per square foot price for resale private residential property throughout the island was S$1,209 last month, up 4.3 per cent from the third-quarter average of S$1,159, according to the SRX, a consortium of 11 leading property agencies including DWG, ERA and PropNex.

Homes in the Rest of Central Region (RCR) led the gain with a 4.5-per-cent increase over the third quarter, followed by those in the Outside Central Region (OCR), which saw a 4.2-per-cent rise. The Core Central Region (CCR) showed a 1.8-per-cent increase.

Mr Lee Sze Teck, Senior Manager of Training, Research and Consultancy at DWG, said: "The price gap between RCR and OCR non-landed homes was 32.3 per cent in the first quarter of last year. Prices in the OCR continued to rise at a faster rate over the next few quarters.

"This resulted in a narrowing in the price gap between RCR and OCR homes to 29.2 per cent last month. Buyers and investors turned their attention to the RCR, which explains a larger gain for RCR homes in October versus the CCR and OCR."

In the HDB market, resale prices inched up 1.1 per cent last month from the third quarter to a median of S$455,000 islandwide, the SRX data showed.

The median cash-over-valuation (COV) premium continued its uptrend to reach S$33,000 in October, a 10-per cent-increase from the third quarter and just S$3,000 shy of the five-year historical high of S$36,000 attained in the third quarter last year since tracking began in 2007, the SRX said.