December 2022 HDB Resale Flat Prices up 0.2%

December 2022 HDB Resale Flat Prices Inched Up 0.2%

December 2022 HDB Resale Price Index

HDB Resale Price Index (December 2022)

December 2022 HDB resale flat prices in Singapore climbed for the 30th consecutive month, albeit at a slower pace of 0.2% compared to November’s 0.6% increase.

Meanwhile, the price of HDB resale flats is expected to moderate further in 2023 due to the following factors:

  • Property cooling measures
  • Higher interest rates
  • Economic uncertainties
  • Price resistance from buyers
  • Increase in suppy of BTO flats by HDB

Nevertheless, the gradual recovery of transaction volume in November and December despite the traditionally slower year-end school holiday and festive season indicates underlying demand has remained firm. Hence, HDB resale prices are expected to rise further in 2023, with forecast of a 5% to 8% increase.

In 2022, HDB resale prices were up 9.4%, easing from a growth of 13.6% in 2021. At the same time, total resale volumes were 8.1% lower.

 

December 2022 HDB Resale Volume Up 

December 2022 HDB Resale Volume

HDB Resale Volume (December 2022)

The number of HDB resale flats sold in December rose 4.8% to an estimated 2,242 units from 2,140 units in November. However, compared with December 2021, transactions were down by 7.7%.

For the whole of 2022, the median HDB resale price hit $527,000, an 8.7% increase from 2021.

The prices of executive flats eased slightly by 0.4% in December, while other flat types continued to rise. Prices in non-mature estates increased by 0.3%, but those in mature estates remained unchanged.

 

Sale of Million-Dollar HDB Flats Up 42.9% in 2022

In December, there was a slight increase in the number of million-dollar HDB resale flats sold, with 28 units changing hands, up from 26 units in November. The number of million-dollar HDB flats sold comprises 1.2% of the total resale volume in December.

Among the million-dollar flats sold, five were in Bishan, and three each in Bukit Merah, Toa Payoh and the central area. The highest transacted was a 150 sq m executive maisonette in Toh Yi Drive, which sold for $1.3 million, indicating bigger flats are still in demand.

For the whole of 2022, a record 370 million-dollar flats were transacted compared to 259 such deals in the previous year, which is 42.9% higher.

 

Private Residential Property Launches

Meanwhile, the private residential market rose 8.4% in 2022, according to flash estimates released by the Urban Redevelopment Authority (URA), down from 10.6% in 2021.

Prices are likely to moderate further amid a slew of new property launches. However, due to the low inventory of unsold units, a sharp correction is not foreseen. The following are some of the upcoming property launches:

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Posted in Property News.

Hi, I'm Lance Kuan, an Associate Marketing Manager at Huttons Asia Pte Ltd, one of the largest property agencies in Singapore.

With almost 30 years of experience in banking, investment and market analysis, I now find immense pleasure helping others in property investment and asset progression.

My blog - Sg Home Investment - offers essential property reviews, research and guides to help buyers make informed decisions. Please feel free to contact me if you have any queries about the real estate market in Singapore.