What pushed demand for HDB resale flats up in September?

HDB resale volume rose 11.4% MoM to 2,589 flats. 

With the end of the hungry month, buyers also returned to the market, pushing sale transactions up in September. 

HDB resale volume rose 11.4% MoM to 2,589 flats last month.

To add, OrangeTee said many applicants who participated in the August BTO sales launches were securing a flat.

"For that sales launch, there were 34,602 applicants for 4,175 3-room and bigger BTO flats," OrangeTee said.

"The unsuccessful applicants, especially second-timers,  probably did not want to wait for subsequent launches and turned to the resale market. They may feel that they may not have a high chance of securing a unit in popular areas," the expert added.

OrangeTee said buyers probably also returned to the HDB resale market due to median prices of new condominiums in the suburbs reaching new highs of $2,000 psf.

Huttons, for its part, said the uptick in sales was likely due to higher interest rates.

"The higher interest rates reduced the budget for some buyers and they went for HDB flats in the non-mature estates. This pushed up the proportion of flats sold in the non-mature estates to 60% in September," Huttons said.