HDB resale prices down by 0.6% but volume increases by 1.8%

An aerial view of HDB flats taken from 1-Altitude bar.
An aerial view of HDB flats taken from 1-Altitude bar.PHOTO: ST FILE

SINGAPORE - HDB resale prices have retreated by 0.6 per cent in July compared to the previous month, based on flash estimates released by SRX Property.

According to the SRX Property price index for HDB resale transactions, year-on-year prices have fallen by 1.6 per cent from July 2016.

In July, HDB resale prices in mature and non-mature estates decreased by 1.3 per cent and 0.1 per cent respectively.

However, resale volume increased in July 2017, according to HDB resale data compiled by SRX Property. The property portal stated that 1,785 HDB resale flats were sold in July, 1.8 per cent more than the 1,753 units that changed hands in June.

Resale volume increased by 12.2 per cent compared to July last year (2016), when 1,591 units were resold.

The majority of buyers in the Kallang-Whampoa area bought units above market value (median transaction over x-value), with transactions that were a median of $9,500 above market value, which is the highest islandwide. This is followed by $8,000 in Sembawang.

Meanwhile, Bukit Batok posted the most negative median transaction over x-value, as units went for a median of $13,000 below market value. This is followed by Bukit Merah, Toa Payoh and Woodlands - all of which had units change hands at a median $8,000 below market value.