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By Joyce Teo, Property Correspondent
PRICES of private homes fell off a cliff in the first quarter, continuing a dramatic slide that has now wiped out the gains owners have made since 2007.
Values dived 14.1 per cent in the first three months this year - the biggest fall on record - and followed a 6.1 per cent slide in the last quarter of last year.
Figures from the Urban Redevelopment Authority (URA) yesterday also point to pain in the residential rent market and in the office sector.
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HDB resale flat buyers pay less cash upfront
by Joyce Teo
BUYERS of resale HDB flats now tend to need much less cash upfront to secure a home - and those looking at bigger flats may need none at all.
Data released yesterday by the HDB showed first-quarter median cash-over-valuation levels fell substantially to $4,000 in the first quarter, from $15,000 in the previous quarter.
This refers to the sum that flat buyers pay above a valuation set by HDB-appointed private valuers. Buyers can use Central Provident Fund money for any sum up to this level but need cash for any more.
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