HDB resale up 1.3% despite volume plunge in May 2020

Singapore City From High Up

Housing & Development Board (HDB) flat resale prices climbed 1.3% YoY and 0.1% MoM in May 2020 as majority of room types documented increases, according to data from SRX. But May 2020 prices are 13.1% less than its peak back in January 2013.

4-room flats led the uptick as resale rates inched up 1.5% YoY. 5-room resale prices climbed 1.1% and executive resale prices went up 0.2% over the same timeframe. In the mean tme, prices for 3-room flats dropped 0.3% YoY.

On top of that, non-mature estates prices hiked 3.4% YoY, while prices in mature estates slipped 1.8%. In the mature estate near the Penrose location, prices have been relatively stable.

In terms of transaction volume, the number of HDB flats that changed hands rose 13.1% MoM to 364 deals reported in May 2020. This shows a whopping 82.7% YoY fall in HDB flat resale volumes.

“Resale volume this year has hit rock bottom. The HDB resale volume slipped further as the economy proceeded into the second month of the circuit breaker where all tangible property viewings were not allowed,” said Miss Christine Sun, head of research & consultancy at OrangTee & Tie. “Furthermore, HDB hub and the agency branches were shut during the circuit breaker period with no new appointments scheduled to process new flat transactions.”

Dissecting by room types, 35.7% of the volume is from the HDB 4-room units, 29.1% from 5-room, 23.4% from 3-room and 9.3% from the executive suites. The rest are from 1-room and 2-room types.

The highest transacted rate for a resale HDB flat in May 2020 was achieved at $1.14m by a 5-room unit in Tiong Bahru View. Among the non-mature estates, the highest transacted rate was achieved at $780,000 by a 5-room unit at Parkland Residences in Hougang.

There are 2 HDB resale flats that were transacted for at least $1 million in May.

In the mean time, overall median transaction over X-value (T-O-X) is plus $3,000 in May 2020, which displays an price increase of $3,000 from April 2020. Both HDB 3-room and 4-room units record plus $3,000 median T-O-X, whilst 5-room units recorded a plus $2,000. Executive suites’ TOX is at minus $1,000, which shows a loss.

Choa Chu Kang recorded the highest median T-O-X at positive $4,500 in May, while Yishun, where The Watergardens At Canberra is close by, and Sengkang documented the lowest median T-O-X at plus $1,000.

Looking ahead, Miss Sun commented that sales may go up as some services at the HDB hub and branches are back on line by June 2020. “Home purchasers and sellers can make appointments again to finish up the relevant documents and complete their sales purchase. We have noticed that more purchasers are turning receptive to online home tours and purchasing properties without a physically inspection of the units too. Changing mindsets may begin with virtual home tours gaining traction in the following months.”

Source: https://sbr.com.sg/residential-property/news/hdb-resale-13-despite-volume-plunge-in-may

Related Articles:

Foreign transactions of non-landed homes increased in June 2020

Condo resale volume rise to two-year high in August

Book An Appointment to view Penrose ShowFlat & get Direct Developer Price, & Hardcopy E-Brochure. Guaranteed with Best Price Possible.


Fill up the form on the right and get a copy of Penrose Price, E-Brochure, and Latest Updates!

 Strictly no spam policy.

error: Content is protected !!