According to data from major property agencies compiled by the Singapore Real Estate Exchange (SRX), Housing Board ( HDB ) cash-over-valuation (COV) continued a steady decline in July to $20,000, its lowest point since January 2011.
Compared to the peak of S$35,000 recorded in January this year, SRX said overall COV has dropped by 43 per cent year-to-date. Year-on-year, July’s resale volume represented a 36-per-cent drop from the same period in 2012. Overall HDB resale prices also dropped for the third consecutive month, slipping 0.5 per cent.
However, the number of HDB flats sold in resale market stayed relatively flat with 1,270 exchanging hands in July, similar to June’s 1,266 resale cases. This was a 36 per cent drop from the same period in 2012.
Resale home prices slid 0.4 per cent from May to June as more buyers chose new launches over resale units.
The rate of decline was slightly steeper than the 0.2 per cent dip from April to May, according to flash Singapore Resale Price Index (SRPI) figures released on Monday by the National University of Singapore.
The drop was largest in the central region at 1.5 per cent in June. This outweighed a 0.5 per cent rise in resale prices in non-central regions that month.
Resale prices of small homes, of 506 sq ft or less in size, declined 1 per cent in June.
Source – Straits Time