{"id":74483,"date":"2024-05-06T18:21:51","date_gmt":"2024-05-06T10:21:51","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=74483"},"modified":"2024-05-06T18:21:51","modified_gmt":"2024-05-06T10:21:51","slug":"will-2024-hdb-resale-prices-exceed-2023-figures","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/will-2024-hdb-resale-prices-exceed-2023-figures\/","title":{"rendered":"Will 2024 HDB resale prices exceed 2023 figures?"},"content":{"rendered":"
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With all the buzz surrounding record-breaking HDB sales and million-dollar resale flats<\/a> (we’ve seen 68 million-dollar sales in April alone, just 6 short of the highest number seen back in January this year<\/a>), the burning question on most minds is whether 2024 HDB resale prices<\/a> will surpass those of 2023. <\/span><\/p>\r\n\r\n\r\n\r\n

In this article, we dive into the comparison between 2023 and 2024 HDB resale prices to provide a clearer picture of what’s happening on the ground, especially for homebuyers, sellers, or investors.<\/span><\/p>\r\n\r\n\r\n\r\n

Rapid price growth in 1Q24<\/b><\/h2>\r\n\r\n\r\n\r\n

In the first quarter of 2024, prices surged at a faster pace, rising by 1.8% quarter-on-quarter. This comes as no surprise given the recent milestones in HDB sales, with transactions now <\/span>moving past the 1 million mark and even touching 1.2 million<\/span><\/a>.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

The list of HDB towns with transactions higher than 1.2 million is indicative of this rising trend:\u00a0<\/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\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n
Town<\/b><\/td>\r\nNumber of transactions<\/b><\/td>\r\n<\/tr>\r\n
Central Area<\/span><\/a><\/td>\r\n77<\/span><\/td>\r\n<\/tr>\r\n
Bishan<\/span><\/a><\/td>\r\n57<\/span><\/td>\r\n<\/tr>\r\n
Toa Payoh<\/span><\/a><\/td>\r\n36<\/span><\/td>\r\n<\/tr>\r\n
Queenstown<\/span><\/a><\/td>\r\n30<\/span><\/td>\r\n<\/tr>\r\n
Bukit Merah<\/span><\/a><\/td>\r\n29<\/span><\/td>\r\n<\/tr>\r\n
Kallang\/Whampoa<\/span><\/a><\/td>\r\n26<\/span><\/td>\r\n<\/tr>\r\n
Bukit Timah<\/span><\/a><\/td>\r\n20<\/span><\/td>\r\n<\/tr>\r\n
Clementi<\/span><\/a><\/td>\r\n12<\/span><\/td>\r\n<\/tr>\r\n
Ang Mo Kio<\/span><\/a><\/td>\r\n3<\/span><\/td>\r\n<\/tr>\r\n
Pasir Ris<\/span><\/a><\/td>\r\n1<\/span><\/td>\r\n<\/tr>\r\n
Punggol<\/span><\/a><\/td>\r\n1<\/span><\/td>\r\n<\/tr>\r\n
Serangoon<\/span><\/a><\/td>\r\n1<\/span><\/td>\r\n<\/tr>\r\n<\/tbody>\r\n<\/table>\r\n<\/figure>\r\n\r\n\r\n\r\n

Notably, just last week, news broke of a 5-room resale flat in Bukit Merah setting a new record for the most expensive transaction in Singapore, nearing S$1.59 million<\/a>.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

Additionally, 25 records of 4-room HDB flats (estimated MOP year 2023 onwards) transacted for above S$1 million. These transactions took place in various locations such as St George’s Lane<\/a>, Henderson Road<\/a>, Strathmore Ave<\/a>, and Toa Payoh East<\/a>.<\/span><\/p>\r\n\r\n\r\n\r\n

On a positive note, no 3-room flats transacted close to S$1 million for HDBs reaching MOP in 2023 and after. The highest resale price in this category was around S$800,000 for an HDB located in St George’s Lane.<\/span><\/p>\r\n

However, with such significant milestones and records being broken in the HDB resale market, it’s clear that the demand and prices are steadily growing.<\/p>\r\n

Rather look at condos that will MOP<\/a> this year?\u00a0Have a read here:\u00a0Upcoming Executive Condos (ECs) that will MOP in 2024 & 2025<\/a><\/p>\r\n\r\n\r\n\r\n\r\n\r\n