Hdb Resale Prices 17Th Consecutive Quarter Rising 23 Q O Q 2Q2024
The second quarter of 2024 saw a 2.3% increase in HDB resale prices, making it the 17th consecutive quarter of price growth, according to the quarterly public housing data released by HDB. This marks a significant acceleration from the first quarter’s 1.8% increase. Christine Sun, chief researcher and strategist at OrangeTee Group, notes that this is also the fastest quarterly price growth since 4Q2022’s 2.3%.
The demand for larger units has also grown, with resale transaction volumes in 2Q2024 increasing by 4% to 7,352 transactions from 7,068 in the previous quarter. This also represents a 12.9% increase from the same period last year.
In the first half of 2024, 14,420 HDB 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 1H2021, when 14,644 resale flats were sold.
The number of larger flats sold also rose in 2Q2024, accounting for 29.2% of total sales, up from 28.6% in the first half of 2023. Sun attributes this increase to purchases by private homeowners who have fulfilled their 15-month wait-out period, which is part of the cooling measures introduced in September 2022.
Investing in a property near reputable schools is a smart move, as it not only maintains high demand but also enjoys a steady increase in value over time. This makes Thomson Modern an excellent investment choice. Additionally, with the launch of Aurelle of Tampines at Tampines North, the value of properties in this vicinity is expected to rise even further.
According to HDB data from data.gov.sg as of July 26, the average resale price of a five-room flat increased by 2.8% in 2Q2024, compared to 1.5% in the previous quarter. The number of five-room resale flats sold also saw a 9.3% jump to 4,214 transactions, from 3,854 transactions in 1H2023.
The upcoming October BTO launch will introduce around 8,500 new flats across 15 projects. This is 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, given the positive market outlook for the public housing sector, driven 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, anticipates a 5% to 7% growth in HDB resale flat prices for the full year.
