As per a recent market update for November month, prices of HDB resale flats experienced a hike for the 29th straight month. As a result, a higher number of units exchanged hands with the recently applied cooling measures. If we compare the trends of October month with November month, the prices of HDB resale flats grew much faster with a change from 0.5% to 0.6%. On yearly basis, prices increased by almost 10%.
There was a rebounded sale of HDB resale flats in November month with a rise of 8.9% leading to the estimated count of 2140 units. However, there was an estimated decline of 24.1 percent in the previous month. If we compare these stats with the November month of the year 2021, the transactions went down by almost 17.3%.
The experienced property analysts in the Singapore resale market reveal that the main reason behind this momentum in the market is that people are now returning to the market again after digesting recent cooling measures posted on September 30.
The senior vice president of OrangeTee & Tie, research and analytics department, Ms. Christine Sun, recently stated that most of the buyers are more interested in making a purchase before the Chinese New Year and December Holiday season.
Although the market conditions show a slight rise in sales, it doesn’t indicate a complete market recovery since the sales are comparatively lower in comparison to two months ago the application of cooling measures. The experts also noted that despite the market curbs, that are indicating greater prudence among home buyers, even after higher interest rates, prices are still observed to be resilient in the month of November.
The HDB resale prices may not experience considerable downward correction with tight resale stock; moreover, stable demands may further keep prices steady.
The price hike was observed consistently across all types of flats; however, prices of various executive units rose by almost 2.5%. The non-mature estate prices have increased by almost 1%; however, they dipped by 0.1% in the mature estates.
Most HDB owners in Singapore real estate market have now become more realistic regarding their house prices; these scenarios contributed to stable prices of flats while increasing sales in November month. Lesser number of flats above a million were sold in November; however, 26 HDB resale flats exchanged hands with a price of approximately $1 million; which was 40 units less than the total flats sold in October. The count of HDB flats with an asking price of million dollars sold in November month represents almost 1.2% of the total resale volume.
The count of million-dollar HDB flats that exchanged hands in November was the lowest since the month of April. Out of a total of 26 million dollar flats that were sold recently, three each were located in Toa Payoh and Woodlands area; however, five were located in the central region. The HDB flat that transacted with the highest price was a five-room flat with 114 sq m dimensions located in Toa Payoh estate. It was sold for $1.345 million.
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