HDB resale-flat prices drop 0.6%, volume resold remains static: SRX

SINGAPORE — Resale prices of Housing and Development Board (HDB) flats fell 0.6 per cent last month from May, in the biggest month-on-month drop since January this year.

The flash estimates released by the Singapore Real Estate Exchange (SRX Property) on Thursday (July 7) also showed that resale volume remained flat. The fall in prices was dragged by the price drop in three- and five-room flats. 

Resale prices for three-room flats fell 0.7 per cent from May, while prices for four-room flats remained unchanged. Prices for five-roomers went down 0.8 per cent, while executive flat prices rose 0.1 per cent.

In January, HDB resale prices fell by 0.5 per cent after rising for six consecutive months, with price movements of 0.1 or 0.2 per cent upwards or downwards registered from February to May.

Overall resale prices were also down 0.6 per cent compared with a year ago, the data showed.

The SRX report recorded that in June, 1,823 HDB resale flats changed hands, which is about the same as the 1,826 units resold in May. A year ago in June, the figure was lower at 1,709 units resold.

The report also showed that the overall median Transaction Over X-Value (TOX) — which measures whether buyers are overpaying or underpaying SRX Property’s estimated market value — was zero in June.

Among the HDB estates with more than 10 resale transactions, Clementi reported the highest median TOX of S$10,000, followed by Kallang/Whampoa with S$6,000. The lowest median TOX was in Bukit Merah at -S$15,500, followed by Bukit Batok at -S$10,000.