HDB Resale Prices Climb Up 0.2% In Q2 2020
HDB resale rates climbed by 0.2% q-o-q in 2Q2020, after continuing to be the same in 1Q2020, according to flash price quotes launched by HDB.
” The recent favorable run in the price index– albeit limited – indicates that HDB resale rates have actually most likely bottomed. The limitations to suppress the spread of Covid-19 essentially of Q2 have harmed sales quantity, however rates showed up to hold,” says Wong Siew Ying, head of research as well as web content at PropNex.
This suggests that vendors are able to preserve their asking rate as well as there appears to be little indications of distress,” includes Wong.
Pending sales information from June, PropNex still anticipates HDB resale transactions in 2Q2020 to go down, from the 5,893 purchases in 1Q2020.
HDB resale quantity in April and Might amounted to 789 purchases, fewer than for the exact same duration in 2017 to 2019. Home experts attribute the low resale quantity over the period to the “circuit breaker” measures, which avoided physical residence scenic tours from happening.
Christine Sunlight, head of research & working as a consultant at OrangeTee & Tie, says: “Physical house watchings are very important for the resale market as a lot of customers would prefer a physical examination of the premises prior to making a purchase. They might intend to take a look at the condition of the units and also analyze the surrounding setting.” Looking in advance, Sunlight expects the total HDB resale price to pattern between -2% and 1% this year.
Ismail Gafoor, Chief Executive Officer of PropNex, states: “With the gradual reopening of the economic climate, our team believes [HDB] resale quantity can get in the coming months.”