HDB resale flats prices up 2.43% QoQ in Q3: PropertyGuru

This marks the 16th straight quarter growth.

Fueled by demand for larger HDB flat types, prices for median per square foot of HDB resale flats listed on PropertyGuru increased anew to 2.43% quarter-on-quarter in the third quarter (Q3) of 2022.

The asking price for HDB resale flats grew for 16 straight quarters, said PropertyGuru.

Other reasons behind rising HDB resale flats prices are due to young families unwilling to wait for the construction of build-to-order flats and the influx of flats that fulfilled the minimum occupation period.

The real estate expert also reported that buyers are mostly private property downgraders or HDB upgraders wanting to pay high “Cash Over Valuation amounts for the dwindling supply of larger flats.”

READ MORE: HDB rents 'may reach peak soon': OrangeTee

For million-dollar HDB flats, PropertyGuru said it is seeing sales in 2022 to surpass transactions made last year.

“If this momentum is sustained, we are looking at another record-breaking year, with more than 300 million-dollar flats transacted,” it said.