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 for HDB flats have continued to show strong growth, with a 2.3% increase quarter-on-quarter in the second quarter of 2024. This marks the 17th consecutive quarter of price growth for the resale market. The second quarter’s price growth is also an acceleration from the previous quarter’s 1.8% increase and the highest quarterly price growth since the fourth quarter of 2022.
Chief researcher and strategist at OrangeTee Group, Christine Sun, notes that there has been a growing demand for larger units in the resale market. In the second quarter of 2024, the number of resale transactions increased by 4%, with a total of 7,352 transactions compared to 7,068 transactions in the first quarter of the year. On a yearly basis, the number of resale transactions also saw an increase of 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 same period in 2023. This is also the highest half-year sales since the first half of 2021, when 14,644 resale flats were sold. Sun also highlights the rise in demand for larger flats, with 29.2% of total sales in the first half of 2024 being for larger units compared to 28.6% in the same period in 2023. She attributes this to purchases by private homeowners who have fulfilled the 15-month wait-out period, which is part of the cooling measures introduced in September 2022.
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The data from data.gov.sg as of July 26 shows that the average resale price for a five-room flat increased by 2.8% quarter-on-quarter in the second quarter of 2024, compared to a 1.5% increase in the previous quarter. The number of five-room resale flats sold also saw a significant increase of 9.3% to 4,214 transactions in the first half of 2024, from 3,854 transactions in the first half of 2023.
The upcoming October BTO launch will introduce about 8,500 new flats across 15 projects, according to HDB. This launch will also be the first time that BTO projects will be classified under a new system of Standard, Plus, or Prime flats, based on their specific locational attributes. Sun expects consumer confidence to improve, given the positive market outlook for the public housing sector, which is supported by Singapore’s economic growth and improved hiring landscape.
Based on the strong demand for resale flats and the on-target price growth, Sun has revised her projections to an 8% increase in HDB resale prices for 2024. Mohan Sandrasegeran, SRI head of research and data analytics, also anticipates a growth of between 5% and 7% for the full year.