HDB resale rates are up 1.1% in Q4 and 4.9% annual up 2023

In just Q4, the number of resale sales fell 2.2%, to 6,547. It was the lowest quarterly volume since 2020. Resale transaction volume was down 0.8% on an annual basis. Property analysts attributed Q4’s slowdown to a larger supply of Build To Order flats (BTOs) and a year-end slump.
Housing and Development Board data released on Friday (Jan.26) showed that RESALE price of public housing units continued to rise, but less rapidly than in the prior quarter.

Resale values in the fourth quarter were up by just 1%, compared with 1.3 % growth for the last three months, and well below the 2.5% average growth per quarter for 2022. Resale apartment prices in 2023 rose 4.9 percent, which is the slowest increase since 2019 when prices grew by just 0.1 percent.
Experts have said that price growth last season slowed down due to the contraction of housing demand as well inflationary concerns, and higher rates.

HDB data showed that based on the number of cases sold, there was a 4.2-percent drop to 26,735 cases.
others may return to private markets if rents in the private market moderate.
HDB will build around 4,100 new flats at its Build-to-Order Exercise (BTO) in February. These flats are located in Bedok Queenstown Choa Chu Kang Hougang Punggol Woodlands
Sale of Balance Flats also includes the sale of 1,500 flats. 19600 BTO Flats will be available in 2024.
The government successfully reined in the price surge of resale apartment through an aggressive increase in the supply, shorter waiting times for the new apartments and cooling measures.

There is no fear for homebuyers to miss out. Owners expect more when they hear that their neighbours recently sold their apartment at a price of a half-million dollars or higher. In light of the recent changes to flat classification, due to take effect in this year’s second half, many flat owners are sticking to their asking prices. Their flats come without resale restrictions.

Rents for HDB flats fell slightly in Q4. HDB has approved 0.7 per cent fewer rental applications than in Q3.
HDB flats for sale are not being bought at high prices.
HDB data show that three-room HDB units in the central area had the highest median resale prices, which was S$481,500. Geylang recorded the lowest at S$345,000.

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Bukit Panjang, with a median resale of S$503,000 was the least expensive. The highest median resale for four-room apartment prices came from Queenstown.
Bukit Meah, with a median price of S$959,000 for five-room apartments, was the most expensive, while Jurong West had the lowest, at S$588,000.
Hougang recorded the highest median price at S$895,000 and Jurong West was home to the lowest price at S$698,000.

Even though they still only represent a small portion (2.1% of the market), the number of million-dollar apartment transactions reached an all-time high.
As buyers see the value of such flats and their attractive locations, we anticipate that HDB resale sales will rise again in 2024.

In January, a 5-room DBSS at 139A Lorong 1. Toa Payoh fetched a price of S$1.57m. This was a record-breaking sale for the resale industry.
This increased the number of units rented to 58.159 in the last quarter. The median rental cost for a Queenstown five-room apartment was S$4,300. However, the lowest price recorded was S$2,200. This was for Bukit Merah two-room and Bukit Panjang three-room units.

The rental inventory will continue shrinking. Rental inventory is also likely to shrink due the rising Additional Buyer’s stamp duty rates. These higher rates discourage homeowners from buying second properties and keeping their HDB units for rental income.


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