SINGAPORE (EDGEPROP) - HDB resale prices rose by 2.9% q-o-q, and 12.5% y-o-y in 3Q2021, according to official public housing data. Year to date, prices have risen 9.1%. (Find HDB flats for rent or sale with our Singapore HDB directory)
Up for a sixth straight quarter, resale prices are now at an all-time high, having surpassed the previous peak in 2Q2013 (price index 149.4) by 0.8%, observes Christine Sun, senior vice-president of research & analytics, OrangeTee & Tie.
In terms of transaction volume, 23,077 resale flat transactions has been recorded in the first three quarters of this year, almost on par with the full-year sales of 2018 (23,099 units) and 2019 (23,714 units), and close to the full-year sales of 2020 (24,748 units), notes Sun.
“The stellar sales have driven prices of resale flats to a record high last quarter. Home prices are pushing new boundaries as demand outweighs supply in many locations. Moreover, the market exuberance has been propped by a recovering economy, low mortgage rates, and new buyer demand as a result of construction delays of new BTO flats,” she explains.
“We estimate that around 29,000 to 31,000 HDB flats could be transacted this year, higher than the 24,748 units sold in 2020 and the 23,714 units transacted in the pre-pandemic 2019. The strong buyer demand and still-lagging supply are expected to keep prices growing albeit at a slower pace next year,” says Sun.