Singapore, 10 Feb 2023 SINGAPORE – Prices of Housing Board resale flats continued to climb for the 31st straight month in January, with more units changing hands as the market adjusted to property cooling measures introduced last September.
HDB resale flat prices grew at a quicker pace of 1.4 per cent in January compared with December’s 0.2 per cent, according to flash data from real estate portals 99.co and SRX on Thursday.
This was the highest monthly price growth for four-room flats since January 2022, when prices rose 2.4 per cent, said OrangeTee & Tie senior vice-president of research and analytics Christine Sun.
“The strong home sales and faster pace of price growth came as a surprise since inflationary pressures and interest rates remain high, and there were other factors like the Chinese New Year festivities and cooling measures,” she said.
Some HDB owners hoping to upgrade to a private property may have turned to the HDB resale market instead – as private home prices have been rising – pushing prices up, Ms Sun added.
Ms Sun said January’s million-dollar transactions were above the number of such transactions each month from January to August 2022, before cooling measures were introduced to moderate demand and encourage prudent borrowing.