Singapore HDB resale volume hits 3-year high of 8,142 units in Q3

A total of 22,562 units were sold in the first nine months of the year.

Despite the price acceleration, OrangeTee analysts revealed that HDB resale volume in Singapore increased to 8,142 units in Q3, up 10.7% from 7,352 units sold in the second quarter of this year. 

This is the highest quarterly sales since 8,433 units were sold in Q3 2021. 

Here’s more from OrangeTee:

For the first three quarters of the year, 22,562 units were sold, and this marks the highest three-quarter sales since Q1-Q3 2021 when 23,077 resale flats were transacted.

As private property prices remain elevated, the increased demand could be driven by more people upgrading within the same housing segment, from smaller resale flats to larger ones. More private home downgraders may have also opted to buy HDB resale flats for their affordability.

By flat type, demand for larger resale flats continued to trend upwards despite the general uptrend in resale prices. In Q3 2024, 2,392 5-room and executive flats were sold, 12.3% more than the 2,130 units sold in Q2 2024 and 14.8% higher than the 2,084 transactions in Q1 2024. 

These larger flat transactions also accounted for a higher proportion of total sales, climbing slightly from 29% in Q2 2024 to 29.4% in Q3 2024. 

The strong demand for larger flats could be attributed to more private homeowners having fulfilled the 15-month wait-out period when they purchase a resale flat.