As Housing Board resale prices rose during the Covid-19 pandemic, the number of flats that sold for $800,000 to just under $1 million grew the fastest compared with those in lower price categories, according to data from OrangeTee & Tie.
Resale flat transactions of between $800,000 and $999,999 saw the fastest growth in the past two years as well as over the past decade, jumping 190 per cent to 2,201 in 2022 from 757 in 2020, and up a whopping 646.1 per cent between 2012 and 2022.
This development has helped more HDB upgraders make the leap to private housing, said OrangeTee & Tie senior vice-president of research and analytics Christine Sun.
“With more flats sold at above $800,000, it will not be surprising that these flat owners will aim to sell their flats at even higher prices in future, which will result in more flats reaching the million-dollar mark,” Ms Sun said.
Data generated by OrangeTee showed that the number of million-dollar flats aged 20 to 30 years old rose 156 per cent to 64 in 2022 from 25 in 2021, while those aged 30 to 40 years jumped 183 per cent to 85 in 2022 from 30 in 2021.