HDB data, to be published every quarter, gives buyers detailed market info
GIVING THE FACTS: With the HDB market on the upswing after many years in the doldrums, the board has released a slew of information online at www.hdb.gov.sg that breaks down data for 26 HDB towns. -- ST PHOTO:
IT'S been a long time coming, but the HDB market is on the upswing after many years in the doldrums.
Prices shot up 3 per cent in the three months to June 30 - the biggest jump since 1999 - and well up on the 1.25 per cent rise in the first quarter.
The price surge reflects increased activity in the resale market, which recorded 8,700 transactions in the quarter - 38 per cent up on the first quarter.
In the second quarter, 70 per cent of the homes sold were at prices above their official valuation.
Prices rose for most flat types and towns.
The HDB also released a slew of information on median resale prices, rental rates and cash over valuation (COV) to help keep buyers up to speed on the market.
Prudent prices for prudent home buyers and sellers
Everything's up, as expected - sale prices, transaction numbers, rental charges.
This confirmation comes from latest official data released to give Singaporeans a clearer understanding of property trends for both private and public housing islandwide.
But how do buyers or sellers make pragmatic choices based on this information?
Melissa Kok tells you how.
Video Link: http://tinyurl.com/3b9573
(Prices - A Clear Picture) The data - on the HDB's website www.hdb.gov.sg - is broken down into the 26 HDB towns. This comes after industry experts complained that the previous sales figures were grouped by region and not so effective given the way flat prices differ from one town to the next.
The new figures show median values for resale prices, COV figures and rental rates - a first for the HDB.
A median price means half of the units sold or rented above that value, half below.
It used to release average rents each quarter, but average prices can be misleading as a single large transaction can distort the overall picture. The new figures show that median rental prices are still far below some of the 'headline' prices reported in the media recently.
A four-room flat in Bukit Merah, for example, was recently reported to have been rented at $2,200 a month, but the HDB data shows the median for such flats is $1,400.
One tenant Mr S.T. Leng, 41, whose landlord recently hiked the rent of his three-room flat from $900 to $1,500 due to 'market rates', said the new information will give tenants and buyers more negotiating power.
'This will help everyone be more realistic, and has definitely come at the right time,' he said.
The figures also paint a more accurate reflection of COV values for each town.
Take Clementi. Previous figures for the western region put the COV at $8,800 for an executive flat. The truer figure contained in the new data puts it well above - $65,000.
This is more accurate, and useful for both buyers and sellers, say industry players, who welcomed the new data.
'Consumers will increasingly want such fine-tuned data and transparency will become more crucial in the market,' said PropNex chief executive Mohamed Ismail.
C&H Realty managing director Albert Lu said he was not surprised by the HDB market's good performance last quarter, and expects prices to keep going up, at least for the rest of the year.
HDB's new figures will now be published every quarter.
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