Singapore, 01 Apr 2022 According to HDB's flash estimates, in Q1 2022, HDB resale prices grew 2.3 per cent, marking the 8th consecutive quarterly growth. However, the rise was not as steep when compared to Q4 2021, which saw a record growth of 3.4 per cent.
Analysts said that the slow growth in resale prices last quarter was due to the seasonal lull leading up to the Lunar New Year. This is also the lowest price growth since Q3 2020, where the price rose by 1.5 per cent. On a year-on-year basis, prices increased by 12 per cent.
Despite the moderated growth, OrangeTee & Tie senior vice-president of research and analytics Christine Sun noted that 82 flats were sold for at least S$1 million last quarter, which was almost on par with the 85 transactions inked in Q4 2021.
Of the million-dollar transactions, there were 4 units sold last quarter that exceeded the S$1.3 million mark, compared with the 2 units transacted in Q4 2021.
Ms Sun commented that this "could soon be breaking the S$1.4 million level".
Ms Sun also stated that “Middle and lower-income Singaporeans, who form the bulk of HDB flat purchasers, may be more affected by the higher cost of living. Should inflation worsen, more people may opt for smaller flats or flats in non-mature estates, which tend to be lower priced.”.