SRX Property’s recent October flash estimates have indicated a 16% rise in the amount of resale HDB flats being sold. The figure has gone from September’s 1,504 to the current 1,745, which is the highest volume per month for the year so far. It seems this comes as a result of the recent changes to regulations that are allowing HDB flat buyers to benefit in the public housing sector of the resale market, even though prices in general barely saw a change for Sturdee Road Condo. The year on year figures show an improvement as well by 12.4% from 1,553.
Eugene Lim, the key executive office for ERA Realty, stated that this rise in volume may be down to the recent policies that were brought in on the 24th of August. One such policy is the PHG, or Proximity Housing Grant, which allows citizens families in Singapore to purchase resale apartments in order to reside closer to, or with their married children or parents. The policy means they will receive a sum of $20,000 to go towards the purchase in Sustained Land Condo.
Resale Volume SL Capital Condo
Another policy that has helped improve resale flat demand is the raising of the monthly income ceiling for citizen households. It was previously $10,000, but has been raised to $12,000. The Grant applies to those purchasing a new flat from the Housing & Development Board as well as those who are using the CPF grant to buy a resale flat in SL Capital Condo.
One analyst noted that the recent stimulation of October’s resale flat interest may be due to there being sellers and buyers who are looking to conclude any deals quickly, before the end of the year and prior to the start of the holiday season for Sturdee Road SL Capital Condo, where a large number of people tend to travel overseas. Normally this means that a break in property purchases stretches through until after the Chinese New Year that occurs in February of 2016.
According to the data from SRX Property, regardless of the gains for year on year and month on month figures, October on Sturdee Road Sustained Land Condo still saw a drop of 52.2% from its peak back in May of 2010 of 3,649.
Sturdee Road Condo SL Capital Resale
Mr. Lim noted that November will be the Housing & Development Board’s Build to Order flat launch, an event which will more than likely draw a bit of the real estate demand away because of the large amount of flats being offered in various locations. However, Mr. Lim feels that 2015 will have a better end than 204 did, in regard to the levels of resale transaction. The figures being forecast for this are between 18,000 and 19,000 units, which is a real improvement of around 5% to 10% above 2014’s figures.
In regard to pricing, SRX Property’s figures show that the price index overall for HDB resale flats was practically unchanged from September into October, following September’s 0.4% drop.
According to SRX Property, there was a decline of 2.6% from October of 2014 and a drop to 11.7% in the index from its April 2013 peak.
October’s index value flash estimate equates to a drop of 2.4% since December of 2014. Mr. Lim shared that he is expecting a 3% or less drop overall for 2015, which is smaller than the 5.5% full year drop in 2014, an estimate that should be welcome news for SL Capital Sustained Land Condo home owners.
SRX Property data for indices of resale flats of executive and 3 room flats saw a rise of 0.9% and 0.7% respectively. However, a slide was seen in resale prices for 4 room flats, at 0.8%, and 5 room flats at 0.1%.
Bendemeer Road New Launch near Sturdee Road
Also seen was a reversal in the overall average transaction over X value, which went from a negative $1,000 in September of 2015 to October’s positive $1,000. The median transaction over X value calculates the amount that people under or over pay in comparison to the estimate value that is generated by computer, also known as the C value. Since June of 2015 the TOX has been poised within a thin band of negative $1,000 to positive $1,000.
Mr. Lim stated that, with Housing & Development Board data on resale transactions being available to the public, as well as being daily updated, more and more sellers and buyers are turning to this data as a way of aiding them in making pricing decisions. As a result, we are seeing more rational transactions being made that show very slight difference from the valuation statistics.
Amongst Housing & Development Board towns, the data from SRX Property indicates that, of those towns that have no less than 10 resale transactions for October, it was Bishan that held the highest median TOX of $15,000 with Queenstown coming in second with $7,000.