HDB resale price index (RPI) fell for the first time in more than four years in the third quarter of the year.
Flash estimates from HDB yesterday put the index at 205.1 in Q3, a 0.7 per cent drop from the previous quarter. This is the first time that the RPI has fallen since the Q1 of 2009, at the outset of the global financial crisis, when it lost 0.8 per cent.
With lower COVs, lower resale transaction prices are expected. There will be more lower priced transactions, flat valuations will also come down.
Is it still a good time to sell?
Due to the cooling measures, even the wealthy put off buying luxury homes. One such example is the good class bungalow (GCB) market which is expected to see a slowdown in sales activity this year.
GCB buyers, most of whom own more than one property, will need to fork out more cash and include the Additional Buyer’s Stamp Duty (ABSD) as part of the acquisition costs. Not only this, loan-to-value will also be pegged at 50 percent for the second property purchase and 40 percent for the third and subsequent purchase.
This would mean that the upfront cash payment required including down payment could be around 70 percent of the price of a GCB. For instance, to buy a GCB which costs S$25 million, a buyer must be prepared to pay around S$18 million in cash upfront before he or she can take up a loan to pay the remaining amount.
While the new loan curbs have contributed to depressing bungalow sales, but prices on the other hand have remained fairly resilient.
Source from property guru
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Sales of the new private homes for the month of August shot up to 742 unites, a 54% increase compared to the previous month. But based on the year-on-year , this was still 52% lower than in August 2012.
Simple Facts about Bukit Merah: There are about 23 HDB Estates within the Bukit Merah Town!!
Boon Tiong Rd
Bt Merah View
Bt Purmei Rd
Hoy Fatt Rd
Jln Bt Merah
Jln Rumah Tinggi
Kim Tian Pl
Kim Tian Rd
Seng Poh Rd
Telok Blangah Cres
Telok Blangah Dr
Telok Blangah Hts
Telok Blangah Rise
Telok Blangah Way
The new rule announced on 27/08/13, stating that PR household in Singapore must wait three years after obtaining PR status before they can buy an HDB resale flats.
The new rule make it harder for PR to buy HDB resale flats, and they may seek to buy mass market condo. However as not all PR may want or afford to buy mass market condo, this may lead to them renewing their current rental lease or continuing renting.
On the backdrop of huge number of BTO flats being build and the introduction of this new rule, it will affect the current HDB resale market. HDB flat sellers may face more challenge in selling their flats. HDB resale flat transaction volume may fall due to the new rules.