HDB resale-flat prices dip 0.1%, volume up 37.6% in March: SRX

SINGAPORE — Prices of Housing and Development Board (HDB) resale flats experienced a slight decline in March, flash estimates from SRX Property showed yesterday.

On a month-on-month basis, HDB resale prices were down 0.1 per cent in March compared with that of February, while the number of transactions spiked 37.6 per cent.

Prices of three-room, four-room and executive flats decreased by 0.8 per cent, 0.2 per cent, and 1.6 per cent, respectively. On the other hand, the resale prices of five-room flats increased by 0.7 per cent.

Overall, resale prices have increased by 0.1 per cent compared with a year ago, the SRX report said.

1,651 HDB resale flats were sold in March this year, up from 1,200 transacted units from the previous month. Compared with a year ago, resale volume also increased by 22.5 per cent when compared with 1,348 units resold in March last year.

Commenting on the latest figures, PropNex CEO Ismail Gafoor felt that the “marginal price movements” were due to HDB resale prices going through a period of consolidation.

“The spike in resale volume is likely due to buyers returning to the market after the slow months of January and February earlier this year; the lower prices may have also played a part in enticing buyers to commit,” he noted. “We expect demand to increase because of greater affordability if prices continue on current trends.”

The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying SRX Property’s estimated market value, was zero in March. Among the HDB towns with more than 10 resale transactions, Clementi reported the highest median TOX of S$10,000, followed by Bukit Panjang with S$8,500.

The lowest median TOX was in the Central Area at -S$12,000, followed by Serangoon at -S$8,000, the SRX said. TOH EE MING