In March, the Housing and Development Board (HDB) resale market demonstrated continued strength, driven by robust demand for larger flats, according to the latest flash data by SRX and 99.co.
Key Points from the Data:
- Resale prices increased by 0.3% month-on-month in March, marking the sixth consecutive month of price growth.
- Both mature and non-mature estates saw price gains of 0.5% and 0.6%, respectively.
- Year-on-year, overall resale prices rose by 6.2%, with similar increases in both mature and non-mature estates.
- The proportion of resale flats transacted in mature estates reached a six-month high of 40.1%.
Trends and Interpretation:
The rising demand for larger resale flats, particularly five-room units, has contributed significantly to the price appreciation in March. This trend is attributed to private homeowners looking to downgrade to HDB flats, showcasing their willingness to pay premium prices for these properties.
Insights from Experts:
- OrangeTee Group's Christine Sun highlighted the increased interest in pricier HDB resale flats among private homeowners.
- Huttons Asia's Mark Yip and PropNex's Wong Siew Ying pointed to the influx of former private property owners into the market after fulfilling the 15-month wait-out period, driving transactions for larger flats.
Market Volume and Future Outlook:
Despite the price gains, the total number of resale transactions decreased by 3.3% month-on-month, reflecting cautious buyer sentiment amid upcoming Build-To-Order (BTO) launches. Buyers are keenly awaiting details on BTO projects, especially those under the new Plus category, which distinguishes BTO projects by their locational attributes.
Call to Action:
Stay updated on the evolving HDB resale market trends and upcoming BTO launches to make informed decisions about buying or selling your property.