Singapore HDB resale prices up 2.8% in Q2
The median resale price in matured estates rose 6.9%.
HDB resale prices rose at a faster pace by 2.8 per cent last quarter when compared to the 2.4 per cent quarter-on-quarter increase in Q1 2022, according to the public housing data from HDB. On a year-to-date basis, prices have risen by 5.3 per cent. On a year-on-year basis, prices climbed by 12.0 per cent.
According to OrangeTee, the continual price growth did not come as a surprise since property values across most market segments have appreciated in recent months. As a rising tide lifts all boats, it is within the expectation that HDB resale prices will climb in tandem with the other asset classes.
Here’s more from OrangeTee:
Buyers’ confidence improved substantially since our economy has recovered much faster than other countries. Moreover, the public housing market is usually less susceptible to macroeconomic uncertainties. Key drivers like our high employment rate and healthy income growth have kept the market stable since most homeowners are able to service their home loans.
The median resale price of resale flats in non-matured estates rose 3 per cent from S$500,000 in Q1 2022 to S$515,000 in Q2 2022. Median resale price in matured estates rose at a faster pace of 6.9 per cent from S$524,000 to S$560,000 over the same period.
The median resale price of flats in 21 out of 26 towns increased last quarter. When compared to the first quarter of this year, the median resale price in Central Area (18 per cent), Ang Mo Kio (17.5 per cent), Serangoon (12.9 per cent) and Queenstown (11.5 per cent) rose the most in Q2 2022.