HDB resale prices up 1.7% in Q1
Housing Board resale prices rose by 1.7 percent during the initial quarter of 2024. This is a higher pace of growth than the prior quarter’s 1.1 percent.
According to HDB’s April 1 estimations of flash prices, this is the 16th consecutive quarter-long price hike since the 2nd quarter of 2020.
The total increase of 2,8 percent over the first and fourth quarters of 2023 is equivalent to the increase total of 2,8 percent in the second and third quarters of 2023.
The HDB resales market is stabilizing. Prices for resales in 2023 increased by 4.9 percent less than the 10.4 percent rise in 2022, and the 12.7 percent increase in 2021.
Because of the uncertain outlook for economic growth and the high interest rates on mortgages It is imperative that homeowners be cautious when buying an investment property.
Analysts from the property industry have reported that homeowners who own their homes privately can choose to buy HDB Resales of their apartments starting in January 2024 after they’ve completed their 15-month waiting period after selling their home.
The delay-out is a temporary solution which will take effect in September 2022 to reduce the demand for resales.
This could have led to a greater demand for bigger apartments and more apartments sold for over one million dollars, pushing prices up.
The amount of HDB flats that have five rooms or more that were sold during the first three months of 2024 is 10 % more than in the preceding quarter.
In the quarter beginning of 2024 the first quarter of 2024, 185 apartments were bought for at minimum $1,000,000.
The amount of million-dollar homes that are resold quarterly is the highest, with a record-breaking 74 transactions recorded in January. Flats like these are in the minority, and only account for 2.7 percent of transactions during the initial three months.
In the quarter beginning in of 2024 in the first quarter of 2024, 6,928 HDB flats were sold, a rise of 5.5 percent from the period in 2023, which saw the sale of 6,567 flats.
Because of the fewer Build-to-Order sales, a lot of first-time buyers of flats are choosing to purchase resales apartment.
Rarely, sales for the first quarter surpass the prior quarter. The sales are typically slower in the first quarter because of Chinese New Year celebrations and school holidays.
BTO flats will be offered in three stages beginning 2024. The launches will be in the months of February, June and in October. It is a decrease from the previous four launches each year.
Sale of Balance Flats, an exercise that permits people to submit applications for flats that were left from the previous BTO sales The event will take place every year. The previous launches were scheduled twice per year.
2024’s launch was the only launch to be held in February.
Between 2021 and 2025, the authorities have pledged to launch 100,000 BTO homes. In February 2024, more than 67,000 BTO homes had been built.
HDB plans to launch around 19,600 BTO homes in 2024. In February, HDB provided more than 4,100 flats across seven BTO projects in Bedok, Queenstown and Choa Chu Kang.
It will launch 6,800 BTO flats in June in Jurong East, as well as other areas like Queenstown/Tampines, Woodlands, Yishun, Kallang/Whampoa.
The government has recommended that homeowners submit an application for an HDB flat eligibility letter prior to May 15 in order to take part in the BTO.
BTO launch in June could draw interest from the resale market, because flats will be sold in hotspots like Tanjong Rhu or Holland Village.
This is the final sale launch before the changes to the classifications of flats into Standard, Plus, or Prime.
BTO units that are located in desirable areas are classified as Plus or Prime and have stricter resale rules including an occupation time of at least 10 years and a the possibility of clawbacks for subsidy.