Housing Board resale prices fell by 0.7 per cent last month from August, and by 2.1 per cent compared to a year ago.
While four-room flats recorded a price increase of 0.6 per cent from August, prices for three-roomers and five-roomers dipped by 1.3 per cent. Executive flats saw a drop of 1.9 per cent in prices.
Prices in mature estates fell by 1.2 per cent, while the drop in non-mature ones was 0.3 per cent.
These flash figures, released by SRX Property yesterday, also showed that 1,996 flats changed hands – a 3.9 per cent drop from August. However, the number of transactions was 18.7 per cent more than the year before.
Last month, the overall transaction-over-x-value (TOX) was negative $1,100. It was zero in August.
TOX measures whether buyers are overpaying or underpaying, compared with SRX Property’s computer-generated market value.
It is the company’s take on cash-over-valuation, the premium paid on a flat’s expected value which is no longer tracked by the HDB.
Three-roomers, four-roomers and five-roomers saw a median TOX of negative $2,000, negative $2,000 and negative $2,100 respectively. Executive flats had a median TOX of $3,500.
The area that saw the highest median TOX was Geylang, at $6,000, followed by Clementi with $5,900.
Bukit Merah had the lowest median TOX at negative $22,000, followed by Bishan with negative $6,500.
Source: Straits Times