HDB resale prices drop again, volume stays flat: S'pore Real Estate Exchange Price Index

Bedok South HDB estate at dusk. Resale prices for Housing Board flats dropped for the fifth consecutive month in June, hitting yet another two-year low since April 2012. -- PHOTO: ST FILE
Bedok South HDB estate at dusk. Resale prices for Housing Board flats dropped for the fifth consecutive month in June, hitting yet another two-year low since April 2012. -- PHOTO: ST FILE

SINGAPORE - Resale prices for Housing Board flats dropped for the fifth consecutive month in June, hitting yet another two-year low since April 2012.

There was an overall dip of 0.6 per cent in June compared to May, according to Singapore Real Estate Exchange (SRX) flash figures on Thursday.

Prices for three, four and five-room flats declined by 0.6 per cent, 0.8 per cent, and 0.3 per cent respectively, while executive flat prices went up by 1.3 per cent. Compared to the peak in April 2013, prices have dropped by 6.8 per cent.

Resale volume stayed flat with 1,315 HDB flats sold in June, compared to the 1,320 transacted units in May, and the 1,325 units resold in June last year.

Compared to its peak in May 2010 when 3,649 units were sold, resale volume dropped by 64 per cent.

Meanwhile, rental volume and price also fell.

An estimated 1,590 flats were rented in June, down two per cent from the 1,622 in May. Overall rental prices softened by 1.1 per cent, reaching a new low since Jan 2012.

According to SRX, the amount that buyers are underpaying for their flats remained stable, at $4,000 below SRX's estimated market value.

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