Cash premiums for resale flats near record high

[chialc]

given that the market price consists of valuation price + cov;

deduction:
when the market price going up, cov go up/increase with valuation price remains constant.

subsequently, valuation price reacted and goes up which will drive the cov component of the market price down.

so, newspaper heading says "COV down blar blar blar"
(of course, you and me know that the market price did not go down but cov go down due to higher valuation price QED).

After a while, when the market price move up higher, COV will slowly catch up and then go blast again.

The cycle repeat till the rule is changed.