HDB resale prices stuck in longest stretch of contraction since 2000

Q2 marks the eighth straight quarter of price declines.

HDB resale prices have officially entered its longest stretch of contraction in over a decade.

Flash estimates from the Housing and Development Board showed that resale prices fell 0.4% in Q2, marking the eighth straight quarter of price declines.

According to PropNex, the last time HDB resale prices fell for an extended period was way back in 2000 when prices also fell for eight consecutive quarters from Q2 2000 to Q1 2002.

“The potent combination of the measures has been effective at slowing down the price growth of HDB resale prices. It is also good to note that the 0.4 per cent fall in Q2 is the lowest in the last 8 quarters. We continue to expect resale prices to fall for the next 2 quarters of the year, but prices may have reached a ‘bottoming-out’ level,” said Ismail Gafoor, CEO of PropNex Realty.