SINGAPORE - Prices of Housing Board (HDB) resale flats dipped slightly for the second month running, but the volume of flats sold increased.
February's prices fell 0.6 per cent compared with January prices, according to SRX flash estimates on Thursday (March 8). January prices had also fallen 0.5 per cent from last December's prices.
However, there was a 9.6 per cent increase in resale flats sold last month - from 1,090 units to 1,195 units.
Prices for last month have decreased 2.4 per cent from February last year, and are down 13.5 per cent since the peak in April 2013.
The number of resale flat units sold in February was also an increase of 9.7 per cent compared with a year ago, where 1,089 units were sold last February.
The resale prices of three-room, four-room and executive flats decreased, but prices of five-room flats increased by 0.5 per cent compared with January.
Prices in mature estates remained the same, but the prices of flats in non-mature estates went down by 1.1 per cent.
Pasir Ris and Serangoon featured the highest median transaction over x-value (T-O-X) figures. This means that many buyers in these areas purchased units above the computer-generated market value.
Ang Mo Kio and Toa Payoh had the most negative median T-O-X figures. SRX said the majority of buyers in both towns bought flats below the market value.
Mr Nicholas Mak, executive director of real estate investment firm ZACD Group, said the dip in prices is not surprising as it is in line with falling prices through the whole of last year.
Government measures might also have a bearing on resale prices, he added.
“One of the biggest selling points of resale flats is getting the keys within weeks,” he said. “But reducing the waiting time for Build-to-Order flats might draw demand away from the resale market."