HDB resale prices hit 41-month low in Dec 2014: SRX

HDB resale prices in December 2014 dropped to a 41-month low since August 2011, data from Singapore Real Estate Exchange (SRX) Property revealed. This represents a 6.1 per cent decline from December 2013.

Month-on-month, resale prices in December 2014 fell 0.4 per cent.

The price slump was driven by HDB four- and five-room flats, whose resale prices fell 0.7 per cent and 0.3 per cent respectively.

Resale prices for HDB three-room flats remained steady, while executive flats saw a price jump of 1.8 per cent.

Resale prices for non-mature estates fell 0.9 per cent in December 2014 from the month before, while mature estates recorded a 0.2 per cent surge.

In December 2014, 1,295 HDB resale flats were sold, a 4.1 per cent drop from 1,350 units sold the previous month.

According to SRX Property, the overall median transaction over X-Value (T-O-X) stayed negative in December 2014, at minus S$4,000. T-O-X measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

Median T-O-X for HDB three-, four-, five-room and executive flats were all negative in the range of minus S$1,000 to minus S$7,000.

For HDB towns having more than 10 resale transactions with T-O-X in December 2014, Queenstown reported the highest median T-O-X of S$3,000, followed by S$1,500 in Bukit Merah and Jurong East.

Ang Mo Kio, Bukit Panjang and Choa Chu Kang recorded the lowest median T-O-X, at minus S$19,500, minus S$14,000 and minus S$11,000 respectively.