HDB resale prices high
Up 3.6% in Q3, with 11,649 units sold; cash top-ups also soar
By Jessica Cheam
(Taken from the Straits Times on 24th October 2009)
Cash-over-valuation amounts for resale HDB flats have quadrupled, from a median of $3,000 in the previous quarter to $12,000 in the third quarter. --
PRICES of resale Housing Board homes have continued their relentless climb, rising another 3.6 per cent in the third quarter to hit a fresh record.
But despite the high prices, demand for resale flats remained hot. A total of 11,649 homes changed hands in the third quarter, reaching a level not seen in five years.
The latest figures, released by HDB on Friday, highlight another important trend. Almost 80 per cent of resale flats were sold above their bank valuations.
And this amount, known as the 'cash-over-valuation' (COV) - or the cash top-up payable by buyers - quadrupled from a median of $3,000 in the previous quarter to $12,000.
Together, the numbers show that resale HDB flats are not just becoming more expensive, but homeowners have to fork out more cash to buy them.
Analysts said on Friday that the feverish buying activity had been fuelled by recent positive economic sentiment, and also some panic buying.
jcheam@sph.com.sg
Sunday, October 25
HDB resale prices high
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Sunday, October 25, 2009
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