More HDB resale flats sold in March as prices fall further

SINGAPORE - Housing Board resale volumes rose as prices fell 0.8 per cent in March, up from a 0.5 per cent fall in February, according to SRX Property flash figures on Thursday.

Prices are now 6.6 per cent lower than a year ago. They have fallen every month from February 2014, interrupted only by a 0.2 per cent rise in January this year.

The price fall was driven by three, four and five-room flats, the prices of which decreased 0.9 per cent, 1.1 per cent and 0.5 per cent respectively. Resale executive flat prices, however, rose 1 per cent.

Both mature and non-mature estates saw prices fall, by 0.9 per cent and 0.8 per cent respectively.

There were 1,349 flats resold in March, up from 1,148 the previous month. But this was still 5 per cent lower than the 1,420 units resold in the same time last year.

According to SRX Property's own estimation of the market value of flats, called X-Value, buyers are generally still underpaying for their flats.

Last month, half of all buyers paid at least $3,000 less than SRX Property's estimated market value. In February, buyers paid even less: $4,000 below the estimated value.