PUBLISHED 8th Sept 2017
More HDB resale flats were sold last month, with price higher than previous month.
Overall, 1,957 flats were sold, it was an increase of 9.6 percent rise compared to 1,785 units in July. The number of transactions completed also represented a 3 per cent inccrement over the 1,900 units resold in August a year ago.
Contrast with July, last month’s prices ascended by 0.1 per cent. But the year-on-year comparison showed prices had dropped by 0.7 per cent.
These report trend based on resales data in the HDB were outline by property portal SRX Property yesterday.
There are two likely purposes behind the increased resales, said Mr Nicholas Mak, executive director of property firm ZACD Group
One is the rush to seal the deal before the annual Hungry Ghost month, which began on Aug 22.
“Some people believe that it is inauspicious to make big life decisions, like buying a home, during the Hungry Ghost month,” he said.
The other reason is that individuals commonly purchase flats before the holidays in the last quarter.
SRX Property also gave an overview of the areas that bought cost above or below the estimated market value.
The majority of buyers obtaining flats in Serangoon paid a median of $11,000 above the estimated market value, making it the best-performing area in the resale market. It was followed by Bukit Panjang, with a median sum of $6,000 above market value.
At the flip side of the scale, buyers of Hougang flats paid below market value, with the median at $7,000. Pasir Ris came next, with the median at $6,000.
International Property Advisor chief executive Ku Swee Yong said Serangoon flats have acquired a “certain shine” because of the upcoming development of Bidadari estate. Transport links also have an impact on resale flats, he added.
“The possible reason for Bukit Panjang to be among the better-performing areas, may be the Downtown Line, which is attracting more people to the area,” Mr Ku said.
On the other hand, Hougang and Pasir Ris flats fetched prices lower than the estimated market value as they are “quite out of the way”, he added.
Source: The Straits Times
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