SRX Property said that the Housing and Development Board resale prices took a dip by 0.5% last month along with a drop in sales volume by 31.4%.
BankBazaar Singapore – February 8, 2018
Singapore: SRX Property said that the Housing and Development Board (HDB) resale prices declined 0.5% last month as compared to December last year. The year-on-year sales volume dropped by 31.4%.
The resale prices of executive flats and 4-room flats increased by 0.4% and 1.3%, respectively. However, the resale prices of 3-room flats dipped by 2.3% and 5-rooms flats went down by 1.2% in January.
Year-on-year, the prices have reduced by 2% this year.
In January 2018, the HDB resale prices in mature towns witnessed a 1.8% drop while prices in non-mature estates increased by 0.5%. Moreover, the year-on-year prices in mature estates dipped by 2.3% and in non-mature towns declined by 1.8%.
According to SRX Property, 1,089 HDB resale flats were sold last month, showing a 31.4% decrease from December 2017.
The overall average Transaction Over X-Value (TOX), which determines whether buyers are paying more or less compared to SRX Property's market value, in January was a negative S$3,000, which was S$100 less than the December 2017 numbers.
The average TOX for executive flats was a positive S$2,000. Geylang and Whampoa/Kallang posted the highest average TOX of S$17,000 last month followed by Sengkang with S$4,300.
This primarily means that most buyers in Singapore purchased HDB flats in these mature and non-mature towns at a rate that was more than SRX Property's market value.