July 16, 2007
Respite for home buyers as HDB discloses figures of resale prices
HOME buyers feeling the heat from fast-rising resale prices for Housing Board (HDB) flats may be about to get some respite.
The HDB has taken the unprecedented step of disclosing figures designed to give an overview of resale prices region by region - along with the average sum paid above valuation.
Property agents expect the HDB's move to throw a bucket of cold water over some of the more absurd asking prices of late - some more than $100,000 above valuation.
These overly-optimistic asking prices have resulted from one-off record high prices in the central area that have captured wide attention in recent weeks.
The new HDB figures put those figures in perspective by showing that average resale deals islandwide are not nearly as high as the eye-catching sales.
Although the HDB has long issued quarterly figures on HDB resales, these new figures give more detail such as how much buyers pay above valuation.
Still, some market players have misgivings about the figures. Their gripe - they are grouped according to five clusters of towns, such as 'West' for Bukit Batok, Bukit Panjang, Clementi, Choa Chu Kang, Jurong East and Jurong West.
They say this makes it difficult for buyers or sellers to get a clear picture of how flats similar to theirs are faring.
Preliminary figures show resale prices of HDB flats overall grew by 2.85 per cent in April to June this year, up from 1.25 per cent in the first quarter of this year.
Read the full report in Tuesday's edition of The Straits Times.