Hdb Resale Prices 17Th Consecutive Quarter Rising 23 Q O Q 2Q2024
According to the latest quarterly public housing data from HDB, the resale prices of HDB flats in 2Q2024 increased by 2.3% quarter-on-quarter (q-o-q), marking its 17th consecutive quarterly price growth. This acceleration in price growth from the previous quarter’s 1.8% q-o-q also represents the fastest quarterly increase since 4Q2022’s 2.3%. Christine Sun, chief researcher and strategist at OrangeTee Group, notes that this strong growth is attributed to the growing demand for larger units.
In 2Q2024, there were 7,352 resale transactions, a 4% increase from 7,068 transactions in 1Q2024. On a yearly basis, there was a 12.9% increase in resale transactions in 2Q2024. This upward trend continued in the first half of 2024, with 14,420 resale flats sold, surpassing the 13,493 units sold in the same period in 2023. This is also the highest half-year sales since 1H2021 when 14,644 resale flats were sold.
Sun also points out that the percentage of larger flats sold has increased from 28.6% of total sales in 1H2023 to 29.2% in 1H2024. This is likely due to the purchases made by private homeowners who have fulfilled their 15-month wait-out period, which was introduced as part of the cooling measures in September 2022. The average resale price of a five-room flat also saw a significant increase of 2.8% q-o-q in 2Q2024, an improvement from the 1.5% growth in the previous quarter. As a result of this, there were 4,214 transactions for five-room flats in 1H2024, a 9.3% increase from the 3,854 transactions seen in 1H2023.
In the upcoming October BTO launch, HDB will introduce about 8,500 new flats across 15 projects. This will be the first time that BTO projects will be classified under the new system of Standard, Plus or Prime flats, based on their specific locational attributes. Sun expects consumer confidence to improve due to the positive market outlook for the public housing sector, which is supported by Singapore’s economic growth and improved hiring landscape. As a result, Sun has revised her projections to an 8% increase in HDB resale prices for 2024.
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Mohan Sandrasegeran, SRI head of research and data analytics, predicts a growth of “between 5% and 7%” in HDB resale flat prices for the full year.