Hdb Resale Prices 17Th Consecutive Quarter Rising 23 Q O Q 2Q2024
HDB resale prices continue to climb, marking its 17th consecutive quarterly increase in 2Q2024. According to the latest quarterly data from HDB, prices rose by 2.3% q-o-q, a jump from the previous quarter’s increase of 1.8%. This also marks the fastest growth since 4Q2022 with a 2.3% increase. Christine Sun, chief researcher and strategist at OrangeTee Group, notes that demand for larger units has been a driving force behind this increase. In 2Q2024, resale transaction volumes rose by 4% to 7,352 transactions, a 12.9% increase from the same quarter in the previous year.
In the first half of 2024, a total of 14,420 resale flats were sold, surpassing the 13,493 units sold in the same period in 2023. This also marks the highest number of half-yearly sales since 1H2021 when 14,644 resale flats were purchased. Sun also points out that the number of larger flats sold has increased from 28.6% to 29.2% of total sales in 1H2024, thanks to private homeowners who have fulfilled their 15-month waiting period after the cooling measures were introduced in September 2022.
The average resale price of a five-room flat has also seen an increase of 2.8% q-o-q in 2Q2024, compared to 1.5% growth in the previous quarter. This is based on HDB data from data.gov.sg as of July 26. Additionally, there was a 9.3% increase in the number of five-room resale flats sold in 1H2024, with 4,214 transactions compared to 3,854 transactions in 1H2023.
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Moving forward, the upcoming October BTO launch will offer about 8,500 new flats across 15 projects. This will be the first time these projects will be classified under a new system of Standard, Plus or Prime flats based on their specific location attributes. Sun predicts an improvement in consumer confidence due to the positive market outlook for the public housing sector, which is supported by Singapore’s economic growth and improved hiring landscape. She has revised her projections to an 8% increase in HDB resale prices for 2024.
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.