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Teo Chermaine

BSc Business (Honours)

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Huttons Asia Pte Ltd

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Email  teochermaine@gmail.com

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HDB resale prices dip 0.5% in January, volume slumps by 31.4%: SRX - The Straits Times

February 7, 2018

SINGAPORE - HDB resale prices dipped 0.5 per cent in January compared with December last year, coupled with a 31.4 per cent drop in sales volume, according to SRX Property flash estimates released on Thursday (Feb 8).

 

The resale prices of four-room and executive flats increased by 1.3 per cent and 0.4 per cent respectively.

 

However, resale prices of three- and five-room flats went down by 2.3 per cent and 1.2 per cent respectively.

 

Year on year, prices have slipped by 2 per cent compared with January 2017.

 

In addition, there was a decline of 13 per cent since the peak in April 2013.

 

In January, HDB resale prices in mature estates dropped by 1.8 per cent while prices in non-mature estates edged up by 0.5 per cent.

 

Prices in mature estates have gone down by 2.3 per cent year-on-year from January 2017, while in non-mature estates, the figure has shown a 1.8 per cent decline.

 

Based on SRX Property estimates of HDB resale transactions, 1,089 HDB resale flats were sold in January, a 31.4 per cent decrease from 1,587 transacted units in December last year.

 

 

Resale volume has seen an 8.7 per cent drop year-on-year from the 1,193 units resold in January 2017.

 

The decrease in resale deals reflects how people are busier as they return to work after the December school holidays, said Mr Chris Koh, director of real estate agency Chris International.

 

“Historically, the market is quieter in January, with school reopening and people going back to work,” he said, adding it usually picks up after Chinese New Year.

 

Also, some buyers and sellers are waiting to see how the new HDB resale portal works, he said.

 

The portal, launched on Jan 1, promises to cut transaction time for buying and selling HDB resale flats from 16 weeks to eight weeks.

 

Compared with the peak of 3,649 units in May 2010, resale volume was down by 70.2 per cent.

 

In January, the overall median Transaction Over X-Value (TOX) was negative $3,000, down $100 compared with the figure in December last year.

 

TOX measures whether buyers are overpaying or underpaying SRX Property's computer-generated market value.

 

The TOX for three-, four- and five-room flats were negative at $5,000, $2,000, $3,500 respectively.

 

Meanwhile, the TOX for executive flats was a positive $2000.

 

Kallang/Whampoa and Geylang posted the highest median TOX in January.

 

For HDB towns having more than 10 resale transactions with TOX in January, Kallang/Whampoa and Geylang reported the highest median TOX of $17,000 followed by Sengkang with $4,300.

 

This means that majority of the buyers in these towns purchased units above the computer-generated market value.

 

Meanwhile, Jurong East posted the most negative median TOX of $16,000, followed by Bukit Merah at $9,000.

 

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