The good thing about buying a home near an MRT station is the convenience and accessibility it brings. Plus, you probably don’t need to rely on the bus to get you to the MRT. And for those who have a car, having the MRT nearby saves you the hassle for the days you don’t feel like driving. This convenience, however, comes with a higher price point.
We previously looked at the price increases of homes along MRT lines between Q1 and Q2 2021. More specifically, we looked at the price increases based on the median price psf of resale HDB flats and resale condo units within 1km of an MRT station.
Now that we’re in Q4 2021, let’s take a look at the price increases of these homes in Q2 and Q3 2021, based on the median price psf in the two quarters.
Quarter on quarter price increase of HDB resale flats within 1km of MRT stations
No general trend is seen for the price increases of HDB resale flats. But we notice there’s a significant number of areas with high price increases and decreases, especially when compared to the price comparison we did for Q1 and Q2 in the previous article.
More specifically, we notice that there are more drops than increases in the price psf in the city centre. The price decreases are pretty substantial too, such as for HDB resale flats within 1km of Promenade MRT (-16.55%), Shenton Way MRT (-14.95%) and Dhoby Ghaut MRT (-9.64%).
In general, the prices psf here are generally higher as well, so when they drop, the price changes are more distinct. For instance, for HDB resale flats near Shenton Way MRT, the median price psf in Q2 was S$921.20, before dropping to S$783.50 in Q3. And for flats near Dhoby Ghaut MRT, the median price psf decreased from S$705.70 in Q2 to S$637.70 in Q3.
Overall, among HDB resale flats within 1km of MRT stations, the highest price increases are seen for homes near Telok Blangah MRT (25.37%), Eunos MRT (16.77%) and Dakota MRT (15.63%).
On the other hand, the highest price drops are seen in HDB resale flats near Tai Seng MRT (-26.58%), Promenade MRT (-16.55%) and Toa Payoh MRT(-15.33%).
What stands out for us is that with the exception of Tai Seng MRT (which lies on the boundary of Hougang and Geylang), areas with the highest price increases and drops are in the mature estates of Bukit Merah, Central, Geylang and Toa Payoh. These areas have traditionally been the more popular housing estates.
Perhaps due to the higher resale prices in mature estates, there’s been some price resistance, leading to more significant price drops in areas near Promenade MRT and Toa Payoh MRT.
Quarter on quarter price increase of condo resale units within 1km of MRT stations
Just like for the HDB resale flats, we don’t see any general trend for the price changes of condo resale units within 1km of MRT stations. Instead, there are a lot of variations in the price changes along the different MRT lines.
In the city centre, there are mostly price increases ranging from around 2% to 9%. But the exception is the prices of condo resale units near Esplanade MRT, where it dropped by 32.66% between Q2 and Q3. The median price psf has gone from S$2,177 in Q2 to S$1,444 in Q3.
On the other hand, prices of homes near the other MRT stations in the city centre didn’t change as much, with the price differences generally staying below S$200.
Overall, among the condo resale units within 1km of MRT stations, the highest price increases are seen for homes near Hougang MRT (22.49%) and Bukit Gombak MRT (10.64%) as they’re the only areas with double-digit growth.
For homes near Hougang MRT, the median price psf has increased from S$898 in Q2 to S$1,100 in Q3. And for homes near Bukit Gombak, the median price psf has gone up from S$803.5 in Q2 to S$889 in Q3. Both MRT stations are in the OCR, where prices have generally been lower. So with the higher median price psf in Q3, the price increases are more pronounced here.
In contrast, the highest price drops are seen for condo resale units near Boon Lay MRT (-35.71%), Kallang MRT (-35.25%) and Esplanade MRT (-32.66%). Incidentally, all of them are located in different regions, with Esplanade MRT in the CCR, Kallang MRT in the RCR and Boon Lay MRT in the OCR.
So unlike the price changes of HDB resale flats, the highest price increases and drops of condo resale units near the MRT observed are more spread out around the island.
What do you think of these price changes of homes near the MRT? Let us know in the comments section below or on our Facebook post.
If you found this article helpful, 99.co recommends Do home prices truly decrease as they move away from the city centre? A look at the price psf along MRT lines and Which areas along the MRT have the highest price increase in Q2 compared to Q1 2021? (Infographic included).
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Toa Payoh HDB drop could be due to decaying lease and the many old flats.