If you remember, last month’s flash report mentioned a record of 96 million-dollar transactions, marking a new all-time high (ATH). This July, we’re looking at yet another record with over 100 million-dollar HDB resale transactions, reflecting a 25% increase in just a month.
Table of Content:
The lowdown of HDB resale transactions in July
Resale price increases in July 2024
July 2024 transaction volume and trends
The lowdown of HDB resale transactions in July
In July, million-dollar HDB flat transactions hit a record 120, surpassing the 100-transaction mark for the first time. This figure represents 3.9% of the total transactions. The year 2024 has already exceeded the million-dollar transaction count of 2023, with 543 transactions so far compared to 470 for the entire previous year. Notably, 47 of these transactions originated from new projects that have just completed their Minimum Occupation Period (MOP) in the past five years. These projects include Ghim Moh Edge, St. George’s Tower, and McNair Towers.
“An anticipated interest rate cut later this year might moderate demand for HDBs by making condominiums more affordable for higher-income households and those currently residing in private properties”, notes Mr. Luqman Hakim, Chief Data & Analytics Officer at 99.co. Until then, given the economic conditions, more of these households may opt for higher-tier HDBs as a viable alternative.
Rather look at condos that will MOP this year? Have a read here: Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025
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Resale price increases in July 2024
HDB resale prices rose by 0.6% in July 2024 compared to June 2024. Prices in both Mature and Non-Mature Estates increased, with Mature Estates seeing a 0.5% rise and Non-Mature Estates a 0.6% increase. In terms of room types, prices for 3-room flats went up by 0.3%, 4-room flats by 1.3%, and Executive flats by 1.3%, while 5-room flats saw a slight decrease of 0.1%.
According to the SRX Property Price Index for HDB resale:
- Year-on-year, the overall price increase was 7.6% from July 2023.
- Prices for all room types increased compared to July 2023: 3-room by 6.6%, 4-room by 8.7%, 5-room by 7.6%, and Executive by 6.3%.
- Prices in both Mature and Non-Mature Estates rose by 7.8% and 7.5%, respectively, over the past year.
Interested in upcoming new launches for the year? Take a look at your options here: Upcoming new launches, These are the 9 upcoming new launch condos in H2 2024
Transaction volume and trends
A total of 3,049 HDB resale flats were transacted in July 2024, representing a 39.6% increase from June 2024. This substantial rise is part of a broader trend, with year-on-year resale volume in July 2024 being 48.3% higher than the previous year. Breaking down the transactions by room type:
- 24.9% of the volume came from 3-room flats.
- 46% from 4-room flats.
- 23.5% from 5-room flats.
- 5.6% from Executive flats.
In terms of estate classification, 59.5% of the resale volume in July 2024 originated from Non-Mature Estates, while the remaining 40.5% were from Mature Estates.
July posted the highest volume since June 2010. Traditionally, July sees a resurgence in resale activity following the June holidays. However, this year, the increase suggests that more private property owners are choosing to downgrade to HDBs, particularly those in premium locations or with premium features. The rise in million-dollar homes supports this trend.
Looking for HDB flats that MOP-ed recently? Check out our article here: Full list of BTO projects hitting MOP in 2024/2025 & Our top picks near the MRT
Record-breaking prices
The highest transacted price for resale flats in July 2024 was S$1,568,000 for a 5-room flat on Bishan Street 24. This figure highlights the premium nature of certain properties in the market. Meanwhile, in Non-Mature Estates, the highest recorded price was S$1,228,000 for a 5-room flat at Punggol Field.
Read more on the S$1.568M transaction and others past the S$1.5M mark here: Did 13 of these HDB resale flats really cross the S$1.5M mark? (Highest psf at S$1,327)
As mentioned previously, a total of 120 HDB resale flats were sold for at least S$1,000,000, an increase from the 96 units recorded in June 2024. These million-dollar flats accounted for 3.9% of the total resale volume for the month. Kallang/Whampoa led the way with 23 units sold, followed by Bukit Merah with 21 units, and Queenstown with 18 units.
Check your affordability with 99.co’s affordability calculator!
Other areas contributing to the million-dollar flat transactions include Toa Payoh, Ang Mo Kio, Bishan, Clementi, Hougang, Serangoon, Central Area, Bukit Timah, Bedok, Woodlands, Bukit Batok, Tampines, Marine Parade, Punggol, Sengkang, and Geylang.
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Do you think this new million dollar transaction record will be broken again in the following month? Share your thoughts in the comments section below or on our Facebook page.
About Sophiyanah David
Sophi, a seasoned copywriter specialising in Singaporean real estate and property, is one of the minds behind 99.co's informative articles. Like her colleagues at 99.co, Sophi is dedicated to keeping you informed about the ever-changing world of real estate so you can find your forever home. When off the clock, you can find her giggling and kicking her feet as she reads her romance novels, watching anime - if FMBA is not your fave, she might fight you (but you'll probably win) and looking up latest skincare trends.
Looking to sell your property?
Whether your HDB apartment is reaching the end of its Minimum Occupation Period (MOP) or your condo has crossed its Seller Stamp Duty (SSD) window, it is always good to know how much you can potentially gain if you were to list and sell your property. Not only that, you’ll also need to know whether your gains would allow you to right-size to the dream home in the neighbourhood you and your family have been eyeing.
One easy way is to send us a request for a credible and trusted property consultant to reach out to you.
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