November HDB Resale Prices Recorded 2019’s Highest Increase Yet In Spite Of Lower Volume

1. HDB resale prices increase by 0.6% in November 2019 over October 2019. HDB 3 Room, 4 Room and Executive experience price increases of 0.1%, 1.2% and 1.1%. Meanwhile, HDB 5 Room prices decrease slightly by 0.1%. Non-Mature Estates prices increase by 1.0% while Mature Estates prices stay flat, as compared to October 2019.

According to the SRX Property Price Index for HDB Resale:

• Prices in November 2019 are 0.4% higher from preceding year.
• November 2019 prices are 13.8% lower than the peak in April 2013.
• Year-on-Year, Non-Mature Estates prices increase 2.0% while Mature Estates prices decrease 2.0%.

2. 1,915 HDB resale transactions in November 2019, representing a 13.5% decrease from October 2019.

• Year-on-year, resale volume in November 2019 is 1.6% higher than the previous year.
• Breaking down by room types, in November 2019, 42.5% of the volume comes from HDB 4 Room, 24.8% from 5 Room, 23.6% from 3 Room and 6.8% from Executive. The rest are from 2 Room and Multi-Gen.

3. The highest transacted price for a resale flat in the month was achieved at $1,080,000 by a high-floor 5-Room unit at Commonwealth Drive in Queenstown; In Non-Mature Estates, the highest transacted price was achieved at $900,000 by a Premium Maisonette unit at Choa Chu Kang Street 64 in Choa Chu Kang.

4. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $1,000 in November 2019. This represented a decrease of $1,000 from October 2019. The median T-O-X for HDB measures whether people are overpaying (POSITIVE T-O-X) or underpaying (NEGATIVE T-O-X) the SRX Property X-Value estimated market value.

• HDB Executive witnesses ZERO T-O-X, while HDB 3 Room ,4 Room and 5 Room record NEGATIVE median T-O-X of $3,000, $1,000 and $1,000, respectively.
• Sembawang posts the highest median T-O-X at POSITIVE $11,000 in November 2019, followed by Bukit Merah at POSITIVE $10,900.
• Ang Mo Kio and Jurong East post the lowest median T-O-X at NEGATIVE $11,000, followed by Punggol at NEGATIVE $9,100.
• T-O-X data only include HDB towns with more than 10 resale transactions with X-Value.

5.     An estimated 4,432 flats will become eligible to join the HDB resale market in the next three months, based on SRX data, as these units approach their respective official 5-year Minimum Occupation Period.