The Housing Development Board has reported a significant acceleration in resale prices during the first quarter of 2024 , with prices rising by 1.7%, marking the 16th consecutive quarter of growth.
“There has been a surge in demand for resale flats as more first-time buyers chose to purchase flats from the secondary market instead of waiting for the BTO sales launches. HDB modified the frequency of BTO sales launches to three times a year from the previous four, and the Sales of Balance Flat exercise will be conducted once a year,” Christine Sun, chief researcher & strategist of OrangeTee Group said in a note.
Resale volume in Q124 increased by 5.5% compared to the same period last year, reaching 6,928 units. This growth is uncommon for the first quarter, as historical data shows lower sales during this period due to Chinese New Year festivities and March school holidays. Notably, 76 five-room and 53 executive flats were sold for over a million dollars each, marking record numbers. The highest-priced transactions were two five-room DBSS units in Toa Payoh, selling for $1.57m and $1.54m in January 2024.Demand from first-time homebuyers and private homeowners downsizing from private properties is anticipated to continue bolstering prices of HDB resale flats in Singapore.
However, competition in the housing market may intensify in the latter half of 2024 following the launch of new Plus flats by the government.
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