The resale prices for Housing and Development Board (HDB) flats fell to a two-year low after it slipped 0.6 per cent month-on-month in June – the fifth consecutive months of declines, according to the Singapore Real Estate Exchange.
According to the SRX HDB flash report released on Thursday (July 10), the price drop affected 3-, 4- and 5-room flats, which saw a price decline of 0.6, 0.8 and 0.3 per cent, respectively, compared to May. Executive flats, however, saw a rise in price by 1.3 per cent.
June’s HDB resale prices marked a new two-year low since April 2012. Compared to the peak in April 2013, prices for resale flats have declined by 6.8 per cent, SRX said.
In June, 1,315 HDB flats were sold, five less than the 1,320 transacted units in May, SRX added.
Rental volume and prices also fell for June. An estimated 1,590 HDB flats were rented out in June, and this was a 2 per cent decrease from May’s 1,622 units. Rental prices fell 1.1 per cent on-month, reaching a new low since January 2012, the report stated.
TOX STILL NEGATIVE
The overall median Transaction Over X-Value (TOX), which measures whether people are overpaying or underpaying the SRX estimated market value, remained at a negative S$4,000 for June.
The majority of HDB towns – 18 out of 26 estates – saw negative median TOX in June. Among HDB towns with more than 10 transactions, the lowest median TOX are in Hougang, Punggol and Sembawang, at negative S$9,000, negative S$8,100 and negative S$8,000, respectively.
Bucking the trend is Geylang, which was the only town with a positive median TOX of S$1,500, SRX said.