HDB resale prices in October stay flat

HDB resale prices dipped 0.1 per cent in October compared to September, the SRX Property Price Index for HDB Resale released on Thursday showed. But for the most part, the index has been fairly flat for a few months now, analysts noted.

The resale price dip was driven by a 0.9 per cent fall in the resale prices of five-room flats. By contrast, the resale prices of HDB three-room flats and executive flats rose 0.6 per cent and 0.8 per cent respectively, while resale prices of four-room flats held steady. Comparing regions, HDB resale prices in mature and non-mature estates both decreased by 0.1 per cent in October.

Year on year, overall HDB resale prices have decreased by 0.5 per cent from October 2015, and fallen 11.5 per cent since the peak in April 2013.

On the transactions side, resale volume rose 0.4 per cent to 1,673 resale flats sold in October, from 1,666 transacted units in September.

Year on year, resale volume fell 4.2 per cent compared to 1,746 units resold in October 2015. Resale volume was also down by 54.2 per cent compared to its peak of 3,649 units resold in May 2010.

R’ST Research director Ong Kah Seng said that SRX Property’s data affirmed the trend of stabilising HDB resale prices that many in the market have already noted. From June to October this year, the net change in the resale price index was zero per cent.

He said that there should be “fairly positive buyers’ interest” in September and October as buyers rush to close purchases ahead of the quiet year-end period. The last two months of the year could see HDB resale prices dip up to 0.2 per cent due to the year-end festive period cooling buyers’ sentiments, and sellers and agents away on vacation.

In 2017, should cooling measures remain, resale flat prices will also continue to be “flattish”, he said.

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