Compared to the HDB resale market in July 2024 which scored a new all-time-high (ATH), there were fewer major activities going on in the market this August. While there has been a slight increase in resale price, August has seen drops in both transaction volume and million-dollar flat transactions.
This article explores the HDB resale price trends and statistics that influenced the market in August, providing essential insights into the performance across various regions and the broader market landscape.
Table of contents
- HDB resale price: Increased by 0.5% in August 2024 compared to July 2024
- Resale volume: 2,605 HDB resale flats were transacted in August 2024
- Highest HDB resale price in August 2024: S$1,480,000 for a 5-room at Cantonment Road
- Fewer million-dollar flats: There were 104 HDB resale flats transacted, a decrease from July 2024
HDB resale price: Increased by 0.5% in August 2024 compared to July 2024
In August 2024, HDB resale prices experienced a modest increase of 0.5% compared to July 2024. This overall rise in prices reflects a mixed performance across different estates and flat sizes. Notably, properties in Non-Mature Estates saw a more significant price increase of 1.2%, while Mature Estates experienced a slight decrease of 0.2%.
Breaking down HDB price changes in August 2024 by flat types:
- 3-Room Flats: Prices increased by 0.8%.
- 4-Room Flats: Prices saw a slight decline of 0.2%.
- 5-Room Flats: Prices increased by 0.8%.
- Executive Flats: Prices rose by 1%.
According to the SRX Property Price Index for HDB Resale, there has been a 7.5% year-on-year price increase in the overall market compared to August 2023. This upward trend perpetuates the consistent growth observed throughout the year.
A detailed analysis revealed price increases for all room types from August 2023: 3-Room by 8%, 4-Room by 7.5%, 5-Room by 6.8%, and Executive by 5.7%. Both Mature and Non-Mature Estates prices increased by 6.3% and 8.2%, respectively, from a year ago. These findings underscore the enduring confidence in Singapore’s property market, as all regions exhibited positive growth trends.
Additional reading: July 2024 condo resale market: CCR prices up by 2.8%; volumes in all regions surged by 32.2%
Resale volume: 2,605 HDB resale flats were transacted in August 2024
A total of 2,605 HDB resale flats were transacted in August 2024, marking a significant 14.6% decrease from July 2024. Despite this monthly decline, the year-on-year comparison shows a 5.3% increase in resale volume from August 2023.
The distribution of resale transactions by flat type in August 2024 was as follows:
- 3-Room Flats: 24.7%
- 4-Room Flats: 43.4%
- 5-Room Flats: 24.4%
- Executive Flats: 7.4%
Breaking it down by estate, 60.5% of the resale volume in August 2024 came from Non-Mature Estates. The remaining 39.5% in the month were from Mature Estates. This shows that despite their location being further from the city, HDB flats in Non-Mature Estates are still popular among homebuyers in Singapore. Especially those in proximity to up-and-coming areas, such as Tengah New Town and Jurong Lake District, that promise higher capital values.
Must-see HDB resale flats near Tengah and JLD
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Additional reading: Up-and-coming estates in Singapore for future property investments
Highest HDB resale price in August 2024: S$1,480,000 for a 5-room at Cantonment Road
The highest HDB resale price transacted was S$1,480,000 for a 5-room flat at Cantonment Road. It is no surprise that the highest price came from a Mature Estate. Properties in mature estates are known to have higher values due to their proximity to the city. Several of the highest transactions for resale flats in August 2024 happened at Cantonment Road in Central Area.
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In Non-Mature Estates, the highest transacted HDB resale price was S$1,223,880 for a 5 Room flat at Punggol Field.
Fewer million-dollar flats: There were 104 HDB resale flats transacted, a decrease from July 2024
In August 2024, there were only 104 HDB resale flats transacted for at least S$1,000,000, representing a decrease from July 2024, which recorded 120 such units. The latest cooling measure by MND and HDB near the tail-end of August likely played a role in reducing the number of million-dollar transactions for the month compared to July. The cooling measure to reduce borrowing by 5% was mainly intended to target potential buyers of HDBs with more hedonic attributes and higher prices.
While we think it took some heat off the market, the volume of million-dollar transactions remained above the psychological 100-transaction mark for the second month as resale prices continued to rise 0.5%, similar to its growth trajectory in July. The number of million-dollar transactions represents 4% of the overall total and is in line with the proportion seen in previous months.
Bukit Merah led the way with 12 million-dollar transactions in August 2024, followed closely by Bishan and Kallang/Whampoa, each with 11 units sold. Ang Mo Kio also saw significant activity, with 10 units sold at over a million dollars. The rest of the million-dollar flats came from Toa Payoh, Geylang, Clementi, Queenstown, Woodlands, Central Area, Hougang, Serangoon, Bukit Timah, Bedok, Tampines, Sengkang, Yishun, Punggol, Pasir Ris, and Bukit Panjang.
Additional reading: Million-dollar HDB Resale transactions hit ATH again in July 2024; Highest volume since 2010
The featured image is credited to Mike Enerio from Unsplash.
What do you think about the HDB resale market in August 2024? Share your thoughts in the comments section below or on our Facebook page.
About Ananda Bayu
Ananda has been wrangling Singapore's complex real estate trends into readable bites since 2020. She writes like she's explaining it to a friend over kopi — because who has time for jargon? When off the clock, she’s probably doom-scrolling through cat memes on X, convincing herself it's the highest tier of "creative inspiration".
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