HDB resale volume soars 19.2% QoQ in March

Analysts attributed the increase to the easing of safe management measures.

HDB resale volume soared by 19.2% QoQ in March 2022, with total transactions reaching 2,269, according to data from  99.co and SRX.

More than half (56.2%) of the resale volume was from non-mature estates, and the remaining (43.8%) were from mature estates.

By room types, 4 Room contributed the most to the resale volume at 42.4%, followed by 5 Room (24.6%), 3 Room (24.1%), and Executive (7.4%).

From the 2,269 HDB resale flats, 27 units were transacted for at least $1m, lower than the record in February 2022 of 29. The million-dollar flats sold in March comprise 1.2% of the total resale volume for the month.

Experts from Huttons and OrangeTee attributed the jump in the HDB resale volume to the easing of Singapore’s safe management measures.

Under the relaxed measures, the maximum number of unique visitors per household was increased from 5 persons at any one time to 10 persons at any one time.

“With the easing of community SMM, the number of house viewings increased last month. This may have resulted in a corresponding rise in deals being sealed,” OrangeTee said.

The end of the festive period could have also given the resale volume a boost last month, according to analysts from both firms.

Meanwhile, March also saw a further increase of HDB resale prices by 0.7% QoQ amidst continued strong demand.

Looking ahead, OrangeTee said demand for HDB resale flats would likely pick up, especially in areas near the causeway where land borders have been opened or the northern part of Singapore like Yishun, Sembawang and Woodlands.

Huttons, for its part, said the supply problem might be slightly addressed this year as more than 30,000 flats will reach their 5-year minimum occupancy period (MOP) in 2022.

“With more supply entering the market, it will help to address the supply problem and hopefully slow down the pace of increase in prices in the months ahead,” Huttons added.