HDB resale flat prices in November 2022 edged up for the 29th consecutive month, according to flash estimates. More units have changed hands after buyers digested the latest round of property colling measures that took effect on 30 September 2022.
HDB resale flat prices grew at a slightly faster pace of 0.6% in November compared 0.5% in October. This pushed prices up 10% year-on-year.
The number of HDB resale flats sold rebounded in November, rising by 8.9% to an estimated 2,140 units, reversing the 24.1% decline in the previous month.
Nevertheless, compared with November 2021, transactions were down by 17.3%.
The latest figures offer a mixed outlook for the market. On the one hand, sales were still lower than the two months prior to the cooling measures. On the other hand, prices have remained resilient.
Analysts believed that HDB resale prices are unlikely to see a significant downward correction amid the tight resale stock and stable demand.
Price increases were seen across all flat types, with executive units rising the most at 2.5%. While prices in non-mature estates rose by 1%, those in mature estates dipped slightly, by 0.1%. This could indicate firm underlying demand.
But at the same time, homeowners are becoming more realistic in their asking prices amid the government’s move to ramp up the supply of BTO flats to meet demand.
In November, there were fewer million-dollar flats changing hands – 26 versus 40 units in October. The number of million-dollar HDB flats sold made up 1.2% of the total resale volume in November, the lowest number since April.
Of the 26 million-dollar flats sold, five were in the central area, and three each in Woodlands and Toa Payoh. The most expensive resale flat was a five-room, 114 sq m unit at The Peak @ Toa Payoh, which sold for $1.345 million.
In non-mature estates, a 189 sq m executive flat in Woodlands Street 83 fetched the highest price at $1.1 million. This shows that buyers are still willing to pay top dollars for big flats in the suburbs.
So far in 2022, 342 resale flats have changed hands for at least $1 million, far exceeding the 259 sold in 2021.
Nevertheless, the number of million-dollar flats transacted still accounted for a small percentage of overall HDB resale transactions, at about 1.4% of the total in the first 11 months of 2022.
For the whole of 2022, analysts expect HDB resale prices to rise by 9-10%, slightly lower than the 12.7% recorded in 2021. However, prices are expected to stay firm through 2023 although the rate of increase is likely to be slower.
Upcoming Private Property Launches
- The Continuum, a freehold condo in District 15 near Paya Lebar and Dakota MRT stations
- Terra Hill, a freehold condo in District 5 near Pasir Panjang MRT station
- Blossoms By The Park, a mixed-use development at one-north
- Dunman Residences, a 99-year leasehold condo beside Dakota MRT station
- Sceneca Residence, a mixed-use development next to Tanah Merah MRT station
- The Arden, a condo development at Phoenix Road near Hillion Mall
- Botany At Dairy Farm, a 99-year leasehold condo located near Hillview MRT station
- Lentor Hills Residences, a 99-year leasehold condo near Lentor MRT station
