Hdb Resale Prices 17Th Consecutive Quarter Rising 23 Q O Q 2Q2024
In the second quarter of 2024, HDB resale prices saw a significant increase of 2.3% quarter-on-quarter, marking the 17th consecutive quarterly price growth, as revealed by the latest quarterly public housing data from HDB.
This quarterly price growth in the public housing resale market shows an acceleration from the previous quarter’s 1.8% quarter-on-quarter rise. In fact, this is also the fastest quarterly price growth since the last quarter of 2022, which had recorded a growth of 2.3%. Christine Sun, the chief researcher and strategist at OrangeTee Group, notes that the growing demand for larger units has contributed to this growth.
The resale transaction volumes in the second quarter of 2024 also saw an increase of 4%, with a total of 7,352 transactions compared to 7,068 transactions in the previous quarter. On a year-on-year basis, the number of resale transactions in the second quarter of 2024 rose by 12.9%.
In the first half of 2024, a total of 14,420 resale flats were sold, surpassing the 13,493 units sold in the first half of 2023. This is also the highest half-year sales since the first half of 2021, when 14,644 resale flats were sold.
Sun adds that the demand for larger resale flats remains strong, despite the overall uptrend in prices. She believes that this is due to private homeowners purchasing these larger flats after fulfilling their 15-month wait-out period, which was part of the cooling measures implemented in September 2022.
According to data from HDB as of July 26, the average resale price of a five-room flat recorded an increase of 2.8% quarter-on-quarter in the second quarter of 2024, compared to a growth of 1.5% in the previous quarter. Additionally, there was a significant increase of 9.3% in the number of five-room resale flats sold, with a total of 4,214 transactions in the first half of 2024, compared to 3,854 transactions in the first half of 2023.
HDB has announced that the upcoming October BTO launch will introduce approximately 8,500 new flats across 15 projects. This launch will also see the new classification system introduced, where BTO projects will be classified as Standard, Plus, or Prime flats based on their specific locational attributes.
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Sun believes that consumer confidence is likely to improve given the positive market outlook for the public housing sector, supported by Singapore’s economic growth and improved hiring landscape. In line with this, she has revised her projections and now expects an 8% increase in HDB resale prices in 2024.
Mohan Sandrasegeran, the head of research and data analytics at SRI, predicts a growth of “between 5% and 7%” in HDB resale flat prices for the whole year. Overall, the continuous growth in HDB resale prices indicates a strong and stable public housing market in Singapore.