Property Take. Singapore Residential. Highlights. 27 Jan Q14 update on HDB resale and rental

Size: px

Start display at page:

Download "Property Take. Singapore Residential. Highlights. 27 Jan Q14 update on HDB resale and rental"

Silvester Harrell
5 years ago
Views:

Property Take 27 Jan 2015 update on HDB resale and rental Singapore Residential Highlights This report and infographic are rental data for HDB RPI is down 1.5% QoQ and 6% YoY to 137.0 in, from 139.

1 Property Take 27 Jan 2015 update on HDB resale and rental Singapore Residential Highlights This report and infographic are rental data for HDB RPI is down 1.5% QoQ and 6% YoY to in, from in 3Q14 and a year ago Overall HDB resale volume has increased by 2.7% QoQ and 15.8% YoY to 4,635 in, from 4,513 in 3Q14 and 4,001 a year ago Resale volume for 3-room, 4-room and 5-room flats rose by 11.8%, 16.7% and 30.6% YoY respectively, while resale volume for 2-room and executive flats fell 10.6% and 1.0% YoY respectively Median resale prices for 3-room, 4-room, 5-room and executive HDB flats have fallen in 16, 22, 13 and 3 HDB towns respectively, while median resale prices for 4- room flats in Toa Payoh and executive flats in Jurong West have increased, compared to a year ago Overall HDB rents are down about 0.7% QoQ and 2.7% YoY in. Overall HDB subletting volume has increased by 16.2% QoQ and 42.6% YoY to 10,365 in, from 8,923 in 3Q14 and 7,268 a year ago Number of subletting approvals rose YoY for all HDB flat-types, with 1-room, 2- room, 3-room, 4-room, 5-room and executive flat subletting volume rising by 42.6%, 5, 68.1%, 39.2%, 41.4%, 44.5% and 55.2% YoY respectively Subletting approvals for 3-room, 4-room, 5-room and executive flats rose by 13.3% 16.2%, 17.9% and 27.2% QoQ respectively in, compared to 3.4%, 7.9%, 5.2% and 7.6% respectively in 3Q14 Median subletting rents for 3-room flats have fallen YoY in 17 HDB towns and remained flat in 3. Median 4-room flat rents fell YoY in 18 towns, rose in Bukit Merah and remained flat in 5 towns. Median rents for 5-room and executive flats fell YoY in 15 towns and 6 towns respectively, and remained flat in 2 towns for each of these flat type. Median rents for 5-room flats rose YoY in 4 towns. Overall resale volume and resale volume for 4-room, 5-room and executive flats have risen for 3 consecutive quarters from 2Q14 to, albeit at a decreasing rate. This could be due to more buyers entering the market as prices fall to levels that are more affordable, or the narrowing gap between price expectations of buyers and sellers The uptrend in resale volume for larger flat types is likely due to upgrading buyers who are capitalizing on the falling prices. We expect this uptrend to continue unless there is a shock, such as an economic crisis or further cooling measures being imposed Median resale prices for 3-room flats have fallen in 16 HDB towns, compared to a year ago. The biggest YoY decline was in Woodlands at 10.2%, followed by Jurong West at 10.1% and Bukit Batok at The smallest YoY decline were in Toa Payoh and Geylang at 4.4%, followed by Clementi at 4.5% Median resale prices for 4-room flats have fallen in 22 HDB towns and risen in 1, compared to a year ago. The biggest YoY decline was in Geylang at 14.3%, followed by Bukit Panjang at 12.6% and Punggol at 12.5%. The smallest YoY decline was in Jurong East at 1.8%, followed by Bishan at 3.7% and Clementi at 4.2%. The median resale price for 4-room flats in Toa Payoh rose 8.1% QoQ and 7.8% YoY to $583,500 from $540,000 in 3Q14 and $541,500 a year ago HSR International Realtors Pte Ltd Estate Agent Lic. No. L G Median resale prices for 5-room flats have fallen in 13 HDB towns, compared to a year ago. The biggest YoY decline was in Punggol at 13.9%, followed by Sembawang at 12.8% and Sengkang at 11.6%. The smallest YoY decline was in Bukit Panjang at 0.5%, followed by Tampines at 0.7% and Bukit Merah at 0.9% Median resale prices for executive flats have fallen in 3 HDB towns, compared to a year ago. The biggest decline was in Woodlands at 7.0%, followed by Tampines at 2.3%

2 27 Jan 2015 and Pasir Ris at 1.1%. The median resale price for executive flats in Jurong West rose 0.4% QoQ and 0.2% YoY to $575,000 from $572,500 in 3Q14 and $574,000 a year ago Resale flats in Toa Payoh showed the best performance in with the lowest YoY median resale price decline for 3-room flats at 4.4% and a 7.8% rise for the 4-room flats. This is likely due to its favourable location, good public transport links, easy access to the CTE and PIE, and well-developed facilities and amenities as a mature estate We expect HDB resale prices to continue moderating in 2015 unless the cooling measures are tweaked or removed Total number of subletting approvals and subletting approvals for 2-room, 3-room, 4- room, 5-room and executive flats have risen for 2 consecutive quarters from 3Q14 to at an accelerating rate. Approvals for larger flat types also showed a larger QoQ increase in. This could be due to more tenants shifting to the HDB rental market from the private rental market due to shrinking budgets and some tenants renting larger HDB flat-types as they become more affordable. We expect this uptrend in rental volume to continue in 2015 as more upgraders opt to rent out their flats amidst a soft resale market. The declining rents in the private market could put pressure on the HDB rental market as they become affordable due to the increasing competition Median subletting rents for 3-room flats have fallen in 17 HDB towns, compared to a year ago. The biggest YoY decline was in Woodlands at 10.1%, followed by Bishan at 9.1% and Bukit Panjang at 5.6%. The rents remained flat in Ang Mo Kio, Bukit Merah and Jurong East. Median subletting rents for 4-room flats have fallen in 18 HDB towns and risen in 1, compared to a year ago. The biggest YoY decline was in Geylang at 7.4%, followed by Toa Payoh at 5.6% and Woodlands at 5.0%. Median subletting rents for 4-room flats in Bukit Merah rose 3.4% YoY and 1% QoQ to $3,000 per month in from $2,900 in 4Q13 and $2,970 in 3Q14 Median subletting rents for 5-room flats have fallen in 15 HDB towns and remained flat in 2 towns, compared to a year ago. The biggest YoY decline was in Sembawang at 8.3%, followed by Toa Payoh at 8.2% and Serangoon at 8%. Median subletting rents for 5-room flats rose YoY in Serangoon, Ang Mo Kio, Bishan and Jurong West by 8.0%, 3.7%, 3.6% and 0.8% respectively Median subletting rents for executive flats have fallen in 6 HDB towns and remained flat in 2 towns, compared to a year ago. The biggest decline was in Yishun at 10.7%, followed by Tampines at 9.4% and Sembawang at 5.9% Bukit Merah showed the best performance in median subletting rents in, with rents increasing for 4-room flats and remaining flat for 3-room and 5-room flats. This is likely due to its proximity to the CBD and Business Parks in the Buona Vista area, and recreational areas like the Southern Ridges and Sentosa, good public transport links, easy access to the CTE and AYE, and well-developed facilities and amenities as a mature estate We expect HDB rents to continue moderating in 2015 due to the upcoming supply and increasing competition from the private rental market Page 2 of 3

3 27 Jan 2015 Commonly Used Abbreviations & Glossary HDB RPI QoQ YoY Housing & Development Board Resale Price Index Quarter on quarter Year on year HSR Research Bernard Tong, Head of Operations Lin Zhiqin, Research Analyst This report is for information purposes and has been prepared by HSR Research based on sources believed to be reliable. Any opinions or estimates in this report are that of HSR Research as of this date and are subject to change without notice. The company and its directors and staff may have an interest in the properties mentioned. Issuance of the report by HSR Research is not an offer to sell or a solicitation to buy the properties covered in the report and HSR Research shall not be responsible for any consequential loss or damage, whether direct or indirect. Page 3 of 3

4 HDB RESALE Resale Price Index HDB Resale Price Index Resale Volume for Overall HDB Resale Volume 4,001 3,781 4,389 4,513 4, % 15.8% 1-Room Flat Room Flats % 1,251 1,285 1,411 1,416 1, % 1,524 1,444 1,669 1,735 1, % , % % CENTRAL AREA $432,500 $343,000 $340,000 $330,000 $340,000 $328, % $400,000 $410,400 $541,500 $536,500 $590,000 $540,000 $583, % GEYLANG QUEENSTOWN $545,000 $509,000 $516,500 $525,000 $525, % $315,000 $301,900 $311,500 $300,000 $301, % $408,000 $369,000 $357,000 $368,000 $389, % $717,500 $496,000 $520,000 $507,900 $425, % $710,900 $690,000 $700,000 $705,000 $667, % KALLANG/ WHAMPOA $398,000 $393,000 $390,000 $378,000 $375, % $359,500 $345,000 $343,000 $350,000 $333, % $652,000 $650,900 $645,000 $660,000 $610, % $565,000 $530,000 $530,000 $570,000 $515, % $782,000 $759,000 $780,000 $786,500 $775, % $670,000

5 HDB RESALE $312,500 $328,000 $318,000 $313,000 $305,000 $295, % $432,000 $410,000 $400,000 $396,500 $380, % $421,000 $409,000 $400,000 $388,000 $368, % $415,000 $412,300 $400,000 $390,000 $391, % $492,000 $473,000 $465,000 $448,000 $429, % $485,000 $470,000 $478,400 $461,500 $482, % $492,000 $490,000 $480,000 $470,000 $460, % $632, $574,000 $568,000 $580,000 $572,500 $575, % JURONG EAST $326,000 $320,000 $320,000 $301,500 $294, % $337,000 $331,000 $323,000 $320,000 $310, % $317,500 $300,000 $314,500 $283,000 $285, % $437,000 $425,300 $418,000 $420,000 $418,000 $438,000 $439,000 $415,000 $430, % $402,500 $390,000 $384,500 $380,000 $375, % $588,000 $585, $604,000 $507,500 $460,000 $460,000 $450,000 $436,300 $430, % $629,000 $628,000 $600,000 $600,000 $585, % $420,900 $411,000 $395,000 $380,000 $377, % $356,000 $350,000 $373,000 $365,000 $340, % $322,000 $318,000 $311,000 $305,000 $296, % $482,500 $490,000 $488,000 $468,000 $437, % $519,400 $517,500 $516,500 $520,000 $497, % $398,000 $386,500 $380,000 $368,000 $375, % $505,000 $475,000 $475,000 $455, %

6 HDB RESALE $356,000 $345,000 $355,000 $338,000 $335, % $367,000 $355,500 $356,800 $360,000 $335, % $364,000 $365,000 $355,000 $347,500 $340, % $485,000 $482,000 $478,000 $465,000 $451, % $488,000 $475,000 $455,000 $475,000 $455, % $468,000 $457,400 $456,500 $445,000 $435, % $635,000 $534,000 $550,000 $555,000 $532,000 $530, % $695,000 $679,400 $693,800 $679,000 HOUGANG PASIR RIS $343,000 $348,500 $325,000 $318,000 $310, % $480,000 $450,000 $440,000 $448,000 $423, % $445,000 $440,500 $428,000 $422,300 $418, % $445,000 $440,000 $431,500 $415,000 $400, % $523,000 $498,000 $495,500 $479,500 $462, % $526,500 $510,000 $504,000 $501,500 $490, % $536,000 $550,000 $521,400 $513,500 $512, % $597,500 $585,000 $628,000 $650,000 $650,000 $629,000 $621, % $685,000 $680,000 BEDOK $480,000 $475,500 $462,500 $433,000 $420, % $343,500 $332,000 $335,000 $320,000 $315, % $535,000 $515,000 $506,800 $476,500 $460, % $450,500 $446,000 $435,000 $425,000 $425, % $600,000 $559,000 $575,000 $614,000 $573, %

7 HDB RENTAL Number of Subletting Approvals for Total Number of Subletting Approvals 1-Room Flat 7,268 8, ,455 8,923 10, % Room Flats % 2,551 2,989 3,032 3,134 3, % 2,373 2,666 2,677 2,888 3, % 1,770 2,107 2,063 2,170 2, % % CENTRAL AREA $2, % $2, % $3,000 $2,950 $3,000 $3,000 $2,540 $2,630 $2, % $2,570 $2,480 $3,050 $3,000 $2,900 $2, % GEYLANG QUEENSTOWN -3.7% $2, % 2-Room Flats $1,600 $1,700 6$1,700 $1,630 $2,630 $2,630 $2, % -7.4% $2,050 $2,850 $3,000 $2,900 $2, % $2,900 $2, % $3,000 $3,000 $3,000 $3,000 $2, % $3,200 $3,280 $3,200 $3,230 $3,200 KALLANG/ WHAMPOA $2,250 $2,900 $2,900 $2,900 $2,970 $3, % -3.6% $3,200 $3,300 $3,300 $3,300 $3,200 $2,900 $2,950 $2,930 $3, %

8 HDB RENTAL $1,800 $1,800 $1,800 $1, % -5.0% -4.5% $2,050 $2, % $2,630 $2,680 $2,650 $2, % $2, % JURONG EAST $1,960 $1, % $1,780 $1,700 $1,700 $1,650 $1, % $2,050 $2, % $2,550 $2, % $2, % $2,250 $2,850 $2,180 $1,850 $1,800 $1,800 $1, % -6.4% $2,750 $2, % $2, % $3,000 $3,000 $3,000 $2, % $2, % -10.7%

9 HDB RENTAL -4.8% -4.8% $2,480 $2, % $2,550 $2, % 3.7% 8.0% $2, % $2,900 $2,850 $3,000 $2,980 $2, % HOUGANG PASIR RIS $1,950 $ % $2, % -2.1% -4.2% -3.8% $2, % $ $2, % $2, % -3.6% BEDOK $2, % $2, % $2, % $2, % $2, % $2,650 $2,900

Resale Market June Resale Market June *Based on numbers compiled on 2 nd July 2018.

Resale Market June Resale Market June *Based on numbers compiled on 2 nd July 2018. About Q: What is the SRX Residential Property Flash Report? A: The SRX Residential Property Flash Report is a monthly report that tracks and disseminates resale and rental property prices for HDB and Non-Landed