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Property Data03 May 2018

HDB Resale Prices decrease by 0.8%; Volume slides down by 2.5 %

1. HDB resale prices decrease in April 2018. There was a decrease of 0.8% in HDB Resale prices in April 2018 compared to that of March 2018. The resale prices of HDB 3 Rooms, HDB 4 Rooms, HDB 5 Rooms and HDB Executive decreased by 0.3%, 0.4%, 0.5% and 1.2% respectively.




According to the SRX Property Price Index for HDB Resale:

  • Year-on-year, prices have decreased by 2.4% from April 2017;
  • Prices have declined by 13.5% since the peak in April 2013;
  • There was no price change revision at 0.8% in March 2018.



According to the SRX Property Price Sub-Indices for HDB Resale:

  •  In April 2018, HDB resale prices went down in both mature and non-mature estates by 1.5% and 0.2% respectively;
  •  Year-on-year, prices in mature estates have decreased by 2.3% from April 2017;
  •  Year-on-year, prices in non-mature estates have decreased by 2.5% from April 2017;

2. Resale volume decreases in April 2018. According to HDB resale data compiled by SRX Property, 1,850 HDB resale flats were sold in April 2018, a 2.5% decrease from 1,897 transacted units in March 2018.

  • Year-on-year, resale volume has increased by marginal 0.8% compared to 1,836 units resold in April 2017.
  • Resale volume was down by 49.3% compared to its peak of 3,649 units in May 2010.

3. Overall median Transaction Over X-Value (T-O-X) is NEGATIVE $1,000 in April 2018. According to SRX Property, the median T-O-X for HDB was NEGATIVE $1,000 in April 2018The median T-O-X for HDB measures whether people are overpaying or underpaying the SRX Property X-Value estimated market value.


  • Overall Median T-O-X was NEGATIVE $1,000 in April 2018, increased by $1,000 compared to the figure in March 2018;
  • Median T-O-X for HDB 3 Room, 4 Room, 5 Room and Executive flats in April 2018 were NEGATIVE $1,000, NEGATIVE $1,500, ZERO and POSITIVE $11,500 respectively.

4. Toa Payoh posts the highest median T-O-X. For HDB towns having more than 10 resale transactions with T-O-X in April 2018, Toa Payoh reported the highest median TOX of POSITIVE $11,000 followed by POSITIVE $10,500 in Clementi.

This means that majority of the buyers in these towns
 have purchased units above the computer-generated market value.

5. Among relatively active towns, Choa Chu Kang and Bukit Merah post the most negative median T-O-X. Among HDB towns having more than 10 resale transactions with T-O-X in April 2018, the lowest median T-O-X was in Choa Chu Kang and Bukit Merah at NEGATIVE $9,000, followed by Serangoon at NEGATIVE $8,000.

This means that majority of the buyers in these towns have purchased units below the computer generated market value.

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