HDB resale rates are up 1.1% in Q4 of 2023. They’re also up 4.9% on an annual basis as the growth slows.
Resale flats prices increased by 4.9% in 2023. This is the lowest rate since 2019, where prices only rose 0.1%. On the supply side, the number of local tenants could continue to decrease, while some may decide to move back into the private rental market, should private rents begin to moderate.
HDB plans to offer 4,100 flats spread across Bedok Queenstown Choa Chu Kang Hougang Punggol Woodlands and Hougang in its Build-To-Order February exercise. HDB flats saw a slight decline in rental demand during Q4. HDB reduced the number of approved rental applications by 0.7 percent, from 9,852 to 9,787 in Q3.
The number of flats that were rented during the quarter increased by 0.6% compared to the previous quarter. Sale of Balance Flats: It will also sell 1,500 units. 19600 BTOs flats are expected to be launched by 2024. Experts claim that prices grew less last year due to lower housing demand, rising interest rates and concerns over inflation.
HDB statistics show that, in 2017, the volume of resale was down 4.2% to 26 735 cases. Many homebuyers have lost the fear of being left out. HDB resale properties are becoming increasingly difficult to sell at higher prices. HDB figures show that three room HDB flats located in the Central Region had the highest median sale price at S$481,500. Geylang, however, recorded the lowest resale value at S$345,000.
Bukit panjang’s median four-room flat resale was S$503,000. Queenstown, however, had the highest price at S$928,000. Bukit merah has the highest median prices for five-room homes, at S$959,000. Jurong West has the lowest median prices, at S$588,000. Hougang has the highest median sale price at S$895,000. Jurong West has the lowest median sales price of S$698,000.
The number million-dollar flats reached an historical high of 470 transaction, even though this flats still represents a very small fraction (2.1%) of the entire market. We expect that the number HDB HDB resale transaction of more than $1,000,000 will again increase in 2024. This is because buyers are attracted to these flats due to their high quality and attractive location. In Q4, the number and volume of resale deals dropped 2.2%. Resale transactions fell by 0.8% in comparison to the previous year.
Analysts attribute the Q4 slump to a greater supply of Build To Order apartments (BTO), as well as the year-end slowdown. The government’s aggressive supply increase and shorter waiting periods for new flats in addition to cooling measure were successful in controlling the surge in flat prices.
In January a five-room DBSS condo at 139A Lorong1 Toa Payoh fetched a sales price of S$1,57.7 million. This set a new resale record.
Owners become more optimistic when they find out that their neighbours had sold their flats for one million dollars or even more. As the changes to the flat classification that will take place later this month kick in, many owners hold firm to their asking price.
The median rental rate for a Queenstown flat with five rooms was S$4,300. The lowest prices recorded were S$2,200, for Bukit Melah flats of two rooms and Bukit Pangjang flats of three rooms.
Rental inventory to continue shrinking. Rental stock may also decrease due to rising Additional Buyer’s Duty rates. This is because homeowners are less likely to purchase a secondary property and keep their HDB properties for rental income.
Housing and Development Board’s (HDB) data showed on Friday that the price of flats in public housing continued to climb in the 4th quarter of 2023. But it did so more slowly than the quarter prior.
Resale Prices in Q4 rose by 1.1% compared to growth of 1.3% for the 3rd quarter and were below the average quarterly increase of 2.5% expected for 2022.