RESALE prices for HDB flats inched up 0.6 per cent in January over the previous month, marking the first time they have risen in a year, as bigger flats sold for higher prices.
This was despite fewer flats changing hands, as 1,255 HDB resale flats were sold last month, compared to 1,295 transactions in December, data from the Singapore Real Estate Exchange (SRX) Property showed.
The increase in HDB flat prices was mainly due to four and five-room flats, whose prices rose by 1.1 per cent and 1.5 per cent respectively. Prices for three-room flats and executive flats, on the other hand, dipped 0.9 per cent and 0.6 per cent.
The improvement in prices was seen across both mature and non-mature estates, with a slightly greater increase of 0.7 per cent in non-mature estates compared to 0.5 per cent in mature ones.
Compared to a year ago, however, prices are still 5.7 per cent lower. Non-mature estates have seen a marked drop in prices, with these falling 7.8 per cent from January last year. Prices in mature estates have held up better, falling by 3 per cent year-on-year.
Meanwhile, the median transaction over x-value (TOX) - which measures whether buyers are overpaying or underpaying the market value as estimated by SRX Property - improved from a negative S$3,000 in December to a negative S$1,000. Buyers in Geylang paid the most above the market value, with the area recording the highest median TOX of S$8,400, while Clementi recorded the lowest TOX value of negative S$15,500.
Amendment: The article has been amended to add the word "Property" to SRX Property's name.