HDB resale price rise 2.8% in the first-quarter

Price uptrend: A family at a HDB playground. At the current pace of price growth, a new peak may be formed by the second half of this year.

SINGAPORE: Housing Board resale price rose for a fourth consecutive quarter, climbing 2.8% in the first three months of this year over the previous quarter, according to HDB flash estimates released last Thursday.

Year-on-year, resale price was up by 8%.

Last quarter’s HDB resale price is also just 5% lower than their peak price recorded in the second quarter of 2013, said Christine Sun, OrangeTee & Tie’s senior vice-president of research and analytics.

At the current pace of price growth, a new peak may be formed by the second half of this year, she said.

Prior to their recovery from the second half of 2019, HDB resale prices had notched six straight years of decline from 2013 to 2018.

Citing HDB data, Sun said average prices in the January to March period rose quarter on quarter in 22 of the 26 HDB towns. Toa Payoh (17%, 244 units), Bukit Timah (11.2%, 28 units) and Bedok (8%, 402 units) posted the highest quarterly increases.

Sun added that 2021 is likely to see a new record number of million-dollar HDB flats sold.Fifty-three resale flats have changed hands for at least US$1mil in the first quarter, the highest quarterly sales of million-dollar flats on record, or since 1990, she said. This number has already surpassed the total number of million-dollar flats transacted in the years before 2018.

PropNex head of research and content Wong Siew Ying said that as prices in the overall market recover, some HDB flat owners may see an opportune time to sell their flats and trade up to a private home.

In addition, a sizeable number of HDB flats - more than 25,000 – will reach their five-year minimum occupation period this year, allowing them to be resold, she said.

“The potential injection of more resale flats into the market will help to stimulate demand, while transactions of newer flats – which tend to command a higher price – will prop up values, ” said Wong. — The Straits Times/ANN.

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