April 2020 HDB Resale Volumes Plummet by 78% Amid Circuit-Breaker - by SRX

1. HDB resale price index marginally lower in April 2020 over March 2020. Mature Estates prices decrease by 0.3% while Non-Mature Estates prices increase by 0.2%, as compared to March 2020.  In terms of room type, 3 Room, 4 Room and Executive prices decline by 1.5%, 0.2% and 1.8%, respectively while 5 Room prices rise by 0.2%.

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According to the SRX Property Price Index for HDB Resale:

• Prices in April 2020 are 1.0% higher than the preceding year and 0.04% lower than March 2020.
• April 2020 prices are 13.2% lower than the peak in April 2013.
• Prices for most room types remain higher than a year ago: 4 Room by 0.9%, 5 Room by 2.1% and Executive by 0.2%. Prices for 3 Room flats, however, decreased by 1.8% year-on-year.
• Year-on-year, Mature Estates prices decrease by 0.9% while Non- Mature Estates prices increase by 2.2%.

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2. 423 HDB resale transactions in April 2020, representing a 78.3% decrease from March 2020.

• Year-on-year, resale volume in April 2020 is 78.1% lower than the previous year.
• Breaking down by room types, in April 2020, 40.9% of the volume comes from HDB 4 Room, 26.7% from 5 Room, 22.5% from 3 Room and 9.0% from Executive. The rest are from 2 Room.

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3. The highest transacted price for a resale flat in the month is achieved at $1,010,000 by a 5 Room unit at SkyTerrace @ Dawson in Queenstown; In Non-Mature Estates, the highest transacted price is achieved at $713,800 by a 5 Room unit at Lake Vista @ Yuan Ching in Jurong West.

• In April 2020, there is only one HDB resale flat transacted for at least $1,000,000.

4. Overall median Transaction Over X-Value (T-O-X) is ZERO in April 2020. This represented no change from March 2020. 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 3 Room records a NEGATIVE $200 median T-O-X while Executive records a POSITIVE $3,000. Both HDB 4 Room and 5 Room record ZERO median TOX.
• Bishan posts the highest median T-O-X at POSITIVE $17,500 in April 2020, followed by Choa Chu Kang and Jurong West at POSITIVE $6,000.
• Bukit Merah posts the lowest median T-O-X at NEGATIVE $20,000, followed by Bedok at NEGATIVE $10,000.
• T-O-X data only include HDB towns with more than 10 resale transactions with X-Value.

Source: SRX (08 May 2020)

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