Resale prices of non-landed private homes declined 0.2 per cent in December last year, marking the fourth straight monthly drop in SRX’s overall property resale index released on Monday.
The Core Central region (CCR) saw the largest decline at 2.3 per cent, followed by Outside Central region's (OCR) decline of 1 per cent. The Rest of Central region (RCR) bucked the overall trend by registering a price increase of 2.9 per cent.
Rents also slipped another 1.3 per cent in December, reflecting a sustained weakening of rents for the fifth consecutive month.
“This is the weakest rental prices observed since December 2011,” said SRX.
Rounding up the whole of last year, December’s non-landed prices were down 3.7 per cent from February's peak, while rents were down 5.5 per cent from January's peak.
Non-landed resale volume was down 61.8 per cent from 2010's peak and on par with the low during the 2008 global financial crisis.
In 2013, 6,550 non-landed private homes sold in the resale market, down 46.7 per cent year-on-year.
Rental volume also registered slower growth. Some 31,788 non-landed homes were rented last year, up 3.9 per cent year-on-year, but lower than the 10.2 per cent and 31.3 per cent growth rates achieved in 2012 and 2011 respectively.