HDB resale prices dip in mature estates; fewer million-dollar deals

The resale prices of HDB flats in mature estates fell 0.2 per cent on the month in August, while milliondollar flat sales declined amid a lull due to the Hungry Ghost Month.

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Overall resale prices posted a 0.5 per cent month-on-month increase, as prices continued to rise 1.2 per cent in non-mature estates, indicated flash estimates from SRX and 99.co released on Sept 4. This marks a 7.5 per cent year-on-year increase for overall HDB resale prices.

The smaller increase could be due to more flats being sold without a cash over valuation, chief executive officer of Huttons Asia Mark Yip said.

Sales volume fell in August, as the Hungry Ghost Month kept buyers at bay. It fell 14.6 per cent to 2,605 units in August, from 3,049 flats in the previous month. Despite this, August resale volume was 5.3 per cent higher on the year.

The seventh lunar month, which started on Aug 4, is known as the Hungry Ghost Month and considered inauspicious for property purchases. Home buyers could have postponed their purchases as a result, noted Orange Tee Group chief researcher and strategist Christine Sun.

The number of million-dollar flat sales made up 4 per cent of the total resale volume in August, with 104 units sold. This marks a decrease from the 120 million-dollar flats transacted in July.

In August, Bukit Merah recorded 12 million-dollar flat sales. Bishan and Kallang/Whampoa followed, with 11 such transactions each. Ang Mo Kio sold 10 such units.