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Thread: HDB resale volume recovers in March as prices rise for 21 straight months: SRX, 99.co

  1. #1
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    Default HDB resale volume recovers in March as prices rise for 21 straight months: SRX, 99.co

    HDB resale volume recovers in March as prices rise for 21 straight months: SRX, 99.co

    Apr 07, 2022

    RESALE volumes for Housing and Development Board (HDB) flats recovered in March this year, as some 2,269 flats were transacted, representing a 19.2 per cent increase from the month before, according to flash estimates from property portal SRX and 99.co

    This comes after a 22 per cent slide in resale volumes in February, which analysts have attributed to slower market activity over the Chinese New Year festive period.

    On an annual basis, HDB resale volumes fell 7.3 per cent.

    HDB resale prices continued its uptrend for 21 months straight, rising 0.7 per cent from the month before, said SRX and 99.co in its flash report released on Thursday (Apr 7).

    Compared to the same period last year, HDB resale prices have gone up by 12 per cent overall.

    When comparing the sales data by estates, it showed that 56.2 per cent of the sales in March were for HDB resale flats located in non-mature estates, while the rest were in mature estates.

    Transaction prices in non-mature estates rose at a higher rate, increasing 0.9 per cent from the month before, while resale prices in mature estates went up by 0.5 per cent.

    However, when compared on an annual basis, resale prices for flats in mature estates rose 9.7 per cent, lower than the 13.7 per cent increase for transactions in non-mature estates.

    As for room types, the bulk of HDB resale flats sold in March were 4-room flats, accounting for 42.4 per cent of the total number of sales.

    An almost equal proportion were 3-room (24.1 per cent) and 5-room (24.6 per cent) flats.

    Resale prices for 3-room flats rose at the fastest rate, increasing 1.3 per cent in March from the month before. Prices for 4-room flats went up 0.7 per cent, while those of 5-room flats actually decreased by 0.1 per cent.

    Prices for all room types increased compared to the same period a year ago, with 3-room flats rising 12.6 per cent, 4-room flats up by 12.1 per cent and 5-room flats increasing by 11.3 per cent.

    There were 27 HDB resale flats sold for at least S$1 million in March, slightly lower than 29 such transactions in February.

    Million-dollar HDB flats made up 1.2 per cent of total resale volume.

    A 5-room unit at Pinnacle@Duxton in Tanjong Pagar was the most expensive resale flat sold in March at S$1.39 million.

    The most expensive resale flat in a non-mature estate was for an executive apartment at Woodlands, which sold for S$950,000.

  2. #2
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    Default Re: HDB resale volume recovers in March as prices rise for 21 straight months: SRX, 9

    HDB resale volume recovers in March as prices rise for 21 straight months: SRX, 99.co

    Apr 08, 2022

    RESALE volumes for Housing and Development Board (HDB) flats recovered in March this year, as some 2,269 flats were transacted, representing a 19.2 per cent increase from the month before, according to flash estimates from property portal SRX and 99.co

    This comes after a 22 per cent slide in resale volumes in February, which analysts had attributed to slower market activity over the Chinese New Year festive period. On an annual basis, HDB resale volumes fell 7.3 per cent.

    Property analysts said that the recovery in March could be a result of the easing of Covid-19 safe management measures which saw a pick up in activity in the resale market.

    "The number of house viewings increased last month. This may have resulted in a corresponding rise in deals being sealed," said Christine Sun, senior vice president of research and analytics at Orange Tee & Tie.

    HDB resale prices continued its uptrend for 21 months straight, rising 0.7 per cent from the month before, said SRX and 99.co in its flash report released on Thursday (Apr 7).

    Compared to the same period last year, HDB resale prices have gone up by 12 per cent overall.

    When comparing the sales data by estates, it showed that 56.2 per cent of the sales in March were for HDB resale flats located in non-mature estates, while the rest were in mature estates.

    Transaction prices in non-mature estates rose at a higher rate, increasing 0.9 per cent from the month before, while resale prices in mature estates went up by 0.5 per cent.

    However, when compared on an annual basis, resale prices for flats in mature estates rose 9.7 per cent, lower than the 13.7 per cent increase for transactions in non-mature estates.

    As for room types, the bulk of HDB resale flats sold in March were 4-room flats, accounting for 42.4 per cent of the total number of sales.

    An almost equal proportion were 3-room (24.1 per cent) and 5-room (24.6 per cent) flats.

    Resale prices for 3-room flats rose at the fastest rate, increasing 1.3 per cent in March from the month before. Prices for 4-room flats went up 0.7 per cent, while those of 5-room flats actually decreased by 0.1 per cent.

    Wong Siew Ying, the head of research and content at property agency PropNex, said the decrease in prices for 5-room flats could indicate some price resistance setting in following the strong run-up in HDB resale prices in the past year. Buyers may also be contemplating growing uncertainties from the Ukraine war as well as rising inflation, she added.

    Prices for all room types increased compared to the same period a year ago, with 3-room flats rising 12.6 per cent, 4-room flats up by 12.1 per cent and 5-room flats increasing by 11.3 per cent.

    There were 27 HDB resale flats sold for at least S$1 million in March, slightly lower than 29 such transactions in February.

    Million-dollar HDB flats made up 1.2 per cent of total resale volume.

    A 5-room unit at Pinnacle@Duxton in Tanjong Pagar was the most expensive resale flat sold in March at S$1.39 million.

    The most expensive resale flat in a non-mature estate was for an executive apartment at Woodlands, which sold for S$950,000.

    Analysts said that demand for HDB flats would likely remain firm for the rest of the year as Singapore continues to reopen more of its economy and as more sectors recover.

    Chief executive officer of property agency Huttons Asia Mark Yip pointed out that there are still many instances of a resale flat sold on the first day of viewing.

    A pick-up in foreign employment as more foreigners are allowed to enter Singapore with the easing of cross-border travel restrictions would also boost housing demand, said Sun.

    Nicholas Mak, head of research and consultancy at property agency ERA, said that Covid-19 induced factors pushing HDB resale prices up since the first quarter of 2020 could persist in the short term, as buyers prefer the certainty of getting their HDB flats in the resale market to the risk of construction delays if they were to buy the flats from the government in the Build-to-Order exercises.

    Analysts also noted that there will be some 30,000 new HDB flats entering the resale market in 2022 as they would have completed the 5-year minimum occupation period.

    While Mak said that the sale of these relatively newer flats could contribute further to a rise HDB resale prices, Yip said it could help to address the problem of lack of supply and hopefully slow down the pace of increase in prices in the months ahead.

    Mak noted that the increase in supply of BTO flats, as well as the easing of delays in construction projects could also help alleviate upward pressure on HDB resale prices. This may already be reflected in the annual change in the HDB resale price index. He pointed out the the index grew its fastest at 13.8 per cent in November last year, but that has slowed to 11.8 per cent in March.

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