HDB resale prices edge down 0.2 per cent in April, but more flats change hands

Resale prices of Housing Board flats cooled by 0.2 per cent in April, partly reversing the 0.3 per cent slight rebound in March, according to Singapore Real Estate Exchange (SRX) flash figures on Thursday.

Three-, four- and five-room flats saw prices fall by 0.2 per cent, 0.8 per cent and 0.4 per cent respectively. But prices of executive flats rose by 1.2 per cent. Overall resale prices this April were still 5 per cent lower than in April last year.

Resale volume was the highest in nine months, with 1,484 flats sold.

This was up 4.4 per cent from March. Yet it was still 14.4 per cent lower than the transaction volume in April last year.

The rental market continued to weaken, with both volume and prices falling. There were an estimated 1,653 HDB flats rented in April, down 3.8 per cent from March and 5.3 per cent lower than the same time last year.

Rental prices were down 1.1 per cent from March, and 2.3 per cent lower than the same time last year.

This was driven by falls in rents for three- and four-room flats, by 2.9 per cent and 1.8 per cent respectively. But rents strengthened for larger flats, rising 0.4 per cent for five-room units and 3.2 per cent for executive flats.

Cash over valuation figures have not been available since the HDB resale process was changed on March 10, which took that cash premium out of negotiations.

However, SRX said that flats were going for $4,000 below X-value - its own measure of value, based on recent transaction prices. This was lower than in March, when prices were $3,000 below X-value.

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