According to data from the first quarter of this year, resale HDB prices rose by 1.7%, higher than the 1.1% in the fourth quarter of last year. This is the highest increase since the end of 2022, showing some level of market activity. Although authorities have stated that the resale HDB market has stabilized, actual data shows a certain growth momentum.
According to estimates released by the Housing Development Board, 6,928 HDB units were resold in the first quarter, a 5.5% increase from the same period last year. The price increase in the past two quarters was 2.8%, indicating some stability in the resale HDB market. Overall resale flat prices rose by 4.9% last year, lower than 10.4% from the previous year and 12.7% from 2021.
Analysts point out that more flats reached the market after the five-year minimum occupation period, increasing the supply and attractiveness of the resale market. It is expected that more buyers will choose resale HDB flats in the future. Desmond Lee, Senior Director of Data Analytics at Huttons Group, said, "With the new framework launching in October this year, some buyers may shift towards the resale market."
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While the market is active, authorities remind the public to remain cautious when buying homes. The government will also closely monitor the property market and make necessary adjustments to maintain market stability.
Additionally, around 19,600 Build-To-Order (BTO) units are planned to be launched this year. Estimates from the Urban Redevelopment Authority show that private residential prices and transaction volumes slowed further in the first quarter. Private residential prices rose by 1.5%, lower than the 2.8% in the fourth quarter of last year. Ong Teck Hui, Chief Research & Strategy Officer at OrangeTee & Tie, said, "We expect market sentiment to improve in the future, especially with more new private residential projects being launched in the second quarter."
Experts predict that private residential prices will increase by 3% to 6% this year, showing a certain optimism towards the real estate industry overall. Overall, the activity in the resale HDB market and the trends in the private residential market will continue to be closely watched.
