HDB resale prices down 0.1% in March: Property index

Prices of HDB resale flats fell 0.1 per cent in March, with the largest decline in the prices of executive flats, according to SRX Property.

SINGAPORE : The resale prices of Housing and Development Board (HDB) flats fell 0.1 per cent month-on-month in March, according to a local property index on Thursday (Apr 7).

The price decline was the largest for executive flats, whose resale prices fell by 1.6 per cent, according to flash estimates from SRX Property. Three-room flat resale prices dropped by 0.8 per cent, while four-room flat prices decreased by 0.2 per cent. In contrast, the resale prices of five-room flats increased by 0.7 per cent.

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Overall, prices have increased by 0.1 per cent from the same period a year ago and declined by 11 per cent since the peak in April 2013, SRX Property said.

A total of 1,651 HDB resale flats were sold in March this year, a 37.6 per cent rise from the 1,200 transacted units in February. Compared to a year ago, resale volume was 22.5 per cent higher, SRX Property said.

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, was zero last month, an increase of S$2,000 compared to February.

For HDB towns with more than 10 resale transactions with TOX, Clementi reported the highest median TOX of S$10,000, followed by Bukit Panjang with S$8,500. This means that the majority of the buyers in these towns purchased units above the computer-generated market value.

The lowest median TOX for HDB towns with more than 10 resale transactions with TOX were the Central area at -S$12,000 and Serangoon at -S$8,000. This means that the majority of buyers in these towns purchased units below the computer-generated market value.

Source : http://www.channelnewsasia.com/news/business/singapore/hdb-resale-prices-down-0/2675336.html

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