Two-year low: HDB price index slides by 6.1% in June

Resale prices continue their 5-month slide.

The government’s property cooling measures are really working out, judging by the two-year low in HDB’s price index in june. According to the Singapore Real Estate Exchange (SRX), HDB prices have dropped by 6.1% prices have dropped from June 2013.

The SRX HDB Flash Report for June 2014 showed that prices have dropped by 6.8% compared to peak levels in Apr 2013. Resale volume remained flat and rental prices dropped by 1.1%, while rental volume also fell by 2%.

“Overall, HDB resale prices slipped 0.6% in June compared to May. The price drop is evident in 3,4,5-room flats which saw a decline of 0.6%, 0.8%, and 0,3% respectively. Executive flats on the other hand experienced a 1.3% increase in price. However, compared to its peak in Feb 2013, Executive flats showed a decline of 5.1%,” the report stated.

Here’s more from SRX:

According to HDB resale data compiled by SRX, 1,315 HDB flats were sold in June's resale market. June's volume remained relatively flat from May's 1,320 transacted units.

On a year-on-year basis, June's resale volume is also relatively flat compared with 1,325 units resold in the same month of last year. Comparing to the peak where 3,649 units were resold in May 2010, the volume is still down by 64.0%.

An estimated 1,590 HDB flats were rented in June 2014, a 2.0% decrease from May's 1,622 units. On a year-on-year basis, June's rental volume was 0.9% higher than the same month of last year in which 1,576 units were rented.

Overall HDB rental prices decreased by 1.1% in June compared to May, reaching a new low since Jan 2012. 4,5-room flats and executive flats softened by 1.7%, 1.3% and 1.1% respectively, while 3-room flats saw a slight 0.1% price increase.

On a year-on-year basis, overall rental prices in June 2014 are down 3.4% from the same period last year .

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