Prices for HDB resale flats rose by 0.27% QoQ: PropertyGuru

This is the 15th straight quarter of price increases. 

The median per square foot sale prices for HDB resale flats went up by 0.27% quarter-on-quarter (QoQ) to 129.04 in the first quarter (Q1) of 2022, which marked the 15th straight quarter of growth, analyst, PropertyGuru, said.

Whilst there is growth, it is lower by 1.20% compared to the same period last year. 

For the property expert, the price surges seen in 2021 will not likely be experienced this 2022 because HDB resale prices are at a record high.

“Prices are likely to make only small gains – or hover at this peak – at least until the supply crunch is alleviated,” it said in its Property Market Report in Q2 2022.

It said the fresh round of build-to-order (BTO) construction delays and unwillingness to delay BTO completion prompts young families to move to HDB resale market. 

In the absence of new executive condominium and condominium launches in Q1 2022, the HDB upgraders turned towards resale HDB flats, which are larger and located in the more expensive city-fringe areas.

Amongst the top-performing new condo launches were Normanton Park, with 263 units sold, The Florence Residences with 98 units sold, and Dairy Farm Residences with 72 units sold.

The top-performing regions were D7 Beach Road with a 17.02% QoQ growth, D26 Mandai with 16.26% QoQ growth, and D13 Macpherson with 15.15% QoQ growth.