HDB resale volume rises 14.5% YoY in Q2

Resale volume for the period recorded 7,208 cases.

The Housing Development Bureau will offer 8,500 flats in 15 Build-To-Order (BTO) projects in the October BTO exercise.

The projects will be offered as Standard, Plus, or Prime flats based on their specific locational attributes.

HDB’s flash estimate of the Q2 Resale Price Index (RPI) is 187.6, a 2.1% quarter-on-quarter (QoQ) increase from Q1 amidst a strong demand and market supply tightness.

Notably, resale volume was 7,208, up 14.5% YoY from 6,297 cases in Q2 2023.

“Despite the school holidays in 2Q 2024, the transaction volume of HDB resale flats was 2% higher quarter-on-quarter at 7,208. In 1H 2024, the estimated transaction volume of HDB resale flats was 14,276, slightly higher by 5.8% than the volume of 13,493 flats in 1H 2023,” Huttons said.

“In view of the increased volume in the HDB resale market in 1H 2024, Huttons is revising its estimates for transaction volume to be between 26,000 and 28,000 for 2024. Prices of resale flats are forecast to grow up to 8% in 2024 from an earlier estimate of 3% to 5%,” Huttons added.

Meanwhile, OrangeTee said that resale prices are projected to increase up to 5% this year, as price growth is on target whilst competition for buyers may stiffen as the government plans to release more flats in good locations in October.

“Consumer confidence and buying sentiment are expected to remain positive as Singapore's economy and hiring prospects are projected to improve further in the second half of this year. However, the interest rate environment remains uncertain in the near term,” OrangeTee said.

HDB aims to launch a total of 100,000 flats from 2021 to 2025.