{"id":69658,"date":"2023-10-05T17:35:20","date_gmt":"2023-10-05T09:35:20","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=69658"},"modified":"2023-10-05T17:35:20","modified_gmt":"2023-10-05T09:35:20","slug":"dip-in-hdb-resale-prices","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/dip-in-hdb-resale-prices\/","title":{"rendered":"\u201cPrice pressures expected till end 2023\u201d: HDB resale prices drop for the first time since February"},"content":{"rendered":"
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If there’s one thing you can bank on in our country, it’s that the housing market will always be a hot topic. Whether it’s the ongoing HDB BTO exercise<\/a> (best of luck to all applicants!), the buzz around million-dollar property transactions, or, as highlighted in this article, the recent dip in HDB resale prices, the real estate sector never fails to captivate.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Today, we take a look at September’s HDB resale market, peeling back the layers to understand the reasons behind its fluctuations and unveiling the future trends that lie ahead.<\/span><\/p>\r\n\r\n\r\n\r\n

The TL;DR version of HDB resale prices in September<\/strong><\/h2>\r\n\r\n\r\n\r\n

According to Mr. Luqman Hakim, Chief Data & Analytics Officer at 99.co, September witnessed a dip in HDB resale prices, marking the first decline after six consecutive months of growth.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

This decline can be attributed to increased competition from upcoming BTO launches in October and December, coupled with concerns regarding high interest rates and inflation.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Consequently, the demand for resale properties waned, resulting in a 19.7% decrease in resale volume.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

However, it’s worth noting that despite this dip, the proportion of million-dollar transactions, though slightly lower than the previous month, remained stable.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

\"SPI<\/a><\/figure>\r\n\r\n\r\n\r\n

A deeper dive into the numbers<\/strong><\/h2>\r\n\r\n\r\n\r\n

In September 2023, HDB resale prices took a slight hit, dropping by 0.6% compared to August 2023. The decline was more pronounced in Non-Mature Estates, which saw a decrease of 0.9%, while Mature Estates experienced a milder drop of 0.4%.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

When examining specific room types, 3 Room flats saw a slight price increase, whereas 4 Room flats prices declined. The dip continued with 5 Room flats and was most notable in Executive flats.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

The table below takes a closer look at the resale prices for room types:<\/span><\/p>\r\n\r\n\r\n\r\n

\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Room type<\/b><\/td>\r\nPrice change (%)<\/b><\/td>\r\n<\/tr>\r\n
3 Room<\/span><\/td>\r\n+0.6%<\/span><\/td>\r\n<\/tr>\r\n
4 Room<\/span><\/td>\r\n-0.9%<\/span><\/td>\r\n<\/tr>\r\n
5 Room<\/span><\/td>\r\n-0.3%<\/span><\/td>\r\n<\/tr>\r\n
Executive<\/span><\/td>\r\n-2.1%<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n

\"HDB<\/a><\/h3>\r\n\r\n\r\n\r\n

HDB resale volumes drop as well<\/strong><\/h3>\r\n\r\n\r\n\r\n

Breaking down the figures further, 1,985 HDB resale flats changed hands in September 2023, reflecting a 19.7% decrease from the previous month. HDB 4 Room units accounted for the majority of those transactions.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Non-Mature Estates dominated the market, contributing 59.9% of the resale volume for the month.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Comparing this data to the previous year, there was a notable drop of 23.3% in resale volume.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

\"A<\/a>\r\n
Bishan HDB maisonette sets record for Bishan & executives at S$1.45M<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n

Million-dollar transactions<\/strong><\/h3>\r\n\r\n\r\n\r\n

September recorded 42 HDB resale flats changing hands for at least S$1,000,000, a decrease from August’s 54 transactions.<\/a> These million-dollar flat sales represented 2.1% of the total resale volumes in September.\u00a0\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Noteworthy transactions included seven units in Toa Payoh<\/a>, six in both Bukit Merah<\/a> and Bishan<\/a>, and scattered transactions across various estates, indicating a diverse market for high-value transactions.<\/span><\/p>\r\n\r\n\r\n\r\n

The standout sales for the month? An executive maisonette in Bishan that closed at an impressive S$1,450,000. This transaction managed to set the record for not only Bishan, but also all executive properties in Singapore.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

In Non-Mature Estates, a 5 Room flat at Punggol Field<\/a> fetched the highest price, reaching S$1,150,000.<\/span><\/p>\r\n\r\n\r\n\r\n

Read more: <\/b>HDB maisonette sets new record for Bishan & executives at S$1.45M<\/span><\/a><\/p>\r\n\r\n\r\n

Properties for you<\/h4>\n
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