HDB resale prices continues 13th quarter climb in Q2

1-room flats are now costing almost $250k.

HDB resale prices rose for the 13th consecutive quarter to 1.5% in Q2, following a 1% growth in the first quarter of the year, according to government figures.

Although prices rose faster last quarter, it is still below the average quarterly increase of 2.3 per cent from Q1 2020 to Q4 2022. 

One-room flats were flagged as having an increase in prices the most, increasing by 3.6% to $245.5k in Q2. This is followed by executive flats at 2.3%, 5-room flats at 1.9%, and 4-room flats at 1.5%.

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The median price of flats increased in 18 out of 26 towns in Q2 2023. Geylang registered the biggest price growth of 19.2 per cent from Q1 2023 to Q2 2023, followed by Ang Mo Kio at 8.4 per cent, Central Area at 6.8 per cent, and Bukit Panjang at 6.1 per cent.

Meanwhile, resale volume of HDB flats dipped by 6.7% in Q2, the lowest volume since Q2 2020. However, resale volume for larger flats continues to receive persistent demands. Based on HDB resale transaction data for Q2 2023, 45.8% of the 6,286 transactions recorded were 4-room flats. 5-room flats made up 23.4% of the overall transactions for the quarter

Rental volume has also increased, with the approved applications to rent out HDB flats rising by 1.9% from 9,657 units in Q1 2023 to 9,842 units in Q2 2023.