Singapore HDB resale prices rise for fourth consecutive month in January

Prices increased by 1.5% vs the previous month.

According to the SRX report, overall HDB resale prices rose by 1.5% MOM in January – marking the fourth straight increase in resale prices. On a year-on-year basis, HDB resale prices were up by 5.7% from January 2023.

Based on resale transaction data, PropNex said about 33% of resale flats sold in January were priced at below $500,000, compared with 34.2% in the previous month. Meanwhile, about 64.2% of the flats resold were priced at between $500,000 and just under $1 million – up from 63.4% in December. The proportion of resale flats sold for at least $1 million made up 2.8% of January’s sales – inching up slightly from 2.4% in the previous month. 

“In spite of the rebound in the resale volume in January, we anticipate that transactions could be measured in February in view of the Lunar New Year holidays, and the HDB’s BTO sales launch during the month. About 4,100 BTO flats in Bedok, Queenstown, Choa Chu Kang, Hougang, Punggol and Woodlands will be offered for application – which could draw some buyers away from the resale segment, particularly those with no pressing housing needs,” said Wong Siew Ying, Head of Research and Content at PropNex.