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HDB resale prices dipped on declining volume

HDB resale prices dropped by 0.6% in February 2015 compared to January 2015.

Posted on 06-Mar-2015
By: SRX.COM.SG

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HDB resale prices dipped on declining volume

Observations:

  1. HDB resale prices dipped in February. HDB resale prices dropped by 0.6% in February 2015 compared to January 2015.  The price drop was driven by HDB 3 Room, 4 Room and Executive Flats whose resale prices decreased by 1.2%, 0.6%, and 0.4%, respectively. The resale prices for HDB 5 Room remained unchanged from Jan 2015.

According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, prices have dropped 5.7% from February 2014;
  • Prices have declined 10.2% since the peak in April 2013;
  • Price change in Jan 2015 has been revised from a 0.6% increase to a 0.2% increase;

According to the SRX Property Price Sub-Indices for HDB Resale:

  • The HDB Resale prices decreased in both mature and non-mature estates;
  • In Feb 2015, HDB resale prices decreased 0.6% and 0.7% in mature estates and non-mature estates respectively.
  • Year-on-year, prices in mature estates have declined 3.2% from Feb 2014;
  • Year-on-year, prices in non-mature estates have declined 7.6% from Feb 2014;

 

  1. Resale volume up year-on-year. According to HDB resale data compiled by SRX Property, 1,148 HDB resale flats were sold in February 2015, an 8.5% decrease from 1,255 transacted units in January 2015.

  • Year-on-year, resale volume increased by 20.7% compared with 951 units resold in February 2014;
  • Resale volume is down 68.5% compared to its peak of 3,649 units in May 2010.
  1. Overall median Transaction Over X-Value (T-O-X) remained negative. According to SRX Property, HDB prices continue to face downward pressure and negative market sentiment in February 2015.  The median T-O-X for HDB measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.

  • Overall Median T-O-X was NEGATIVE $4,000 in February 2015, a $3,000 drop from NEGATIVE $1,000 in January 2015;
  • Median T-O-X for HDB 3, 4, and 5 Room flats were negative while Executive flats saw a positive median T-O-X.
  1. Bukit Merah posted the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in February 2015, Bukit Merah reported the highest median TOX of $13,000, followed by $5,200 in Punggol and $3,000 in Hougang.

This means that majority of the buyers in these towns has purchased units above the computer-generated market value.

  1. Among relatively active towns, Jurong West and Sembawang posted the most Negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in February 2015, the lowest median T-O-X were in Jurong West, Sembawang, and Jurong East at NEGATIVE $ 8,000, NEGATIVE $8,000, and NEGATIVE $7,500, respectively. 

This means that majority of the buyers in these towns has purchased units below the computer generated market value.

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