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HDB resale volumes in April hit 3-year high as prices stabilise | Singapore Property

Prices continued to moderate by 0.1% from a month ago, figures from SRX Property show

By Lynette

May 6, 20165:50 AM


RESALE volumes of HDB flats rose to a record monthly high since November 2012, according to SRX Property estimates.

HDB resale data compiled by SRX Property showed that an estimated 1,828 HDB resale flats were sold in April. That's a 10.3 per cent increase from the 1,657 transacted units in March, and 13.5 per cent higher than a year ago.

ERA Realty key executive officer Eugene Lim noted that the jump in resale volumes was a result of stabilising prices.

Prices continued to moderate by 0.1 per cent from a month ago, figures from SRX Property on Thursday showed.

"We expect overall resale transactions for 2016 to be about 20,000 to 21,000 units, an increase over the 19,306 in 2015," Mr Lim said.

Resale flats are well-sought after because they have a shorter waiting time before buyers can move in, which caters to those with immediate housing needs, Mr Lim added. "The various grants offered by HDB have played a part, too, as they make a resale flat more affordable."

Resale volume in April was still half the level of the May 2010 peak.

The 0.1 per cent moderation in SRX Property's flash estimate of HDB resale prices was mainly caused by five-room HDB flats whose resale prices slipped 0.9 per cent in April.

Resale prices of HDB three-room and executive flats, however, rose 0.6 per cent and 0.1 per cent respectively during the month. Resale prices of HDB four-room flats remained the same.

Resale prices in mature estates inched up one per cent in April, while those in non-mature estates slipped one per cent.

On the whole, resale HDB prices have fallen 11.1 per cent from the peak in April 2013 and 0.2 per cent from a year ago.

There was no revision to the resale price index by SRX Property in March that showed a 0.1 per cent slide.

With HDB resale prices stabilising for the past year, this trend is expected to continue for the coming months as buyers remain conservative in their offers, Mr Lim said.

He added that sellers have also been adjusting their price expectations in order to minimise the time their property is on the market.

"Mature estates have also shown that they hold their value better, as they boast better amenities and infrastructure, which are attractive to buyers."

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