RESIDENTIAL PROPERTY | Staff Reporter, Singapore

HDB resale prices inched up 0.2% in March

Prices were down 13.7% from the peak in April 2013.

Housing and Development Board (HDB) resale prices edged up 0.2% MoM in March 2019, a flash report by SRX Property revealed. Prices in March 2019 were down 13.7% from the peak in April 2013.

According to the SRX Property Price Index for HDB Resale, prices in March 2019 dipped 1% YoY.

HDB 3 Rooms and Executives prices rose 0.8% and 0.4% respectively, whilst the prices of 4 Rooms and 5 Rooms both slipped 0.2%. Prices for those located in Mature Estates decreased 0.1%, however, those in Non-Mature Estates inched up 0.5% as compared to February 2019.

The report highlighted that 1,657 HDB resale flats were transacted in March 2019, representing a 26.1% increase from the 1,314 units sold in February 2019. YoY, resale volume in March 2019 was 12.7% lower than 1,897 units transacted in 2018.

Overall median transaction Over X-Value (T-O-X) was at zero in March 2019, representing an increase of $1,000 compared to February 2019. The median T-O-X for HDB measures whether people are overpaying (positive T-O-X) or underpaying (negative T-O-X) relative to the SRX Property X-Value estimated market value.

HDB 4 Rooms, 5 Rooms, and Executive flats witnessed positive median T-O-X $1,000, $3,000 and $4,900, respectively in March 2019. Only HDB 3 Rooms recorded a negative $3,000 median T-O-X.

“Pasir Ris posted the highest median T-O-X at positive $7,500 in March 2019, followed by Bukit Panjang at positive $7,000 (for HDB towns having more than 10 resale transactions),” the report’s authors noted. Meanwhile, Queenstown recorded the lowest median T-O-X at negative $11,100, followed by Jurong East at negative $10,600. 

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