HDB resale prices edged up 0.3% in October 2024 even as new BTO launches drew buyers away, with 103 flats selling for over S$1 million.
KEY POINTS
IN SIMPLE TERMS
When the government released new HDB flats to buy in October 2024, fewer people bought used HDB flats — but those who did pay slightly higher prices. A small number of very expensive HDB flats (over S$1 million) still found buyers.
WHY IT MATTERS
WHERE DO YOU STAND?
Do you think HDB resale flats will continue to outperform new BTO flats in attracting buyers over the next year?
👍 👎 Vote ↓HDB resale market shows resilience amid stiff competition from new BTO flats launched in October 2024.
According to 99.co, HDB resale prices went up by 0.3% in October 2024 compared to September.
This small increase happened even though HDB launched new BTO flats in the same month.
The new BTO launch included Plus flats at Bayshore Vista and Bayshore Palms.
These new flats attracted many buyers.
Despite this, the HDB resale market remained strong.
Prices of resale flats went up by 9.8% compared to October 2023.
The number of resale flats sold in October 2024 went down.
Only 2,158 resale flats were sold that month.
This was 2.7% less than the number sold in September 2024.
It was also 2% less than the number sold in October 2023.
The drop in sales was likely due to the new BTO launch.
HDB offered about 8,500 new flats under the BTO scheme in October 2024.
| Flat Type | Percentage of Total Sales |
|---|---|
| 4-room | 42.7% |
| 3-room | 27.1% |
| 5-room | 23.5% |
| Executive | 6.6% |
In October 2024, 103 HDB flats were sold for at least S$1 million.
This was slightly less than the 106 million-dollar flats sold in September 2024.
The most expensive flat sold was a 5-room flat on Cantonment Road.
It was sold for S$1.54 million.
This shows that high-value HDB flats are still popular among buyers.
All types of HDB flats saw price increases from October 2023 to October 2024:
3-room flats: 9.8% increase
4-room flats: 10.1% increase
5-room flats: 9.2% increase
Executive flats: 8.3% increase
More resale flats were sold in Non-Mature Estates than in Mature Estates.
Non-Mature Estates made up 60.9% of all resale transactions.
Mature Estates accounted for 39.1% of the sales.
Prices in Non-Mature Estates went up by 0.5%.
Prices in Mature Estates only increased by 0.1%.
The HDB resale market seems to be doing well despite new BTO launches.
People are still interested in buying resale flats, even expensive ones.
This suggests that resale flats offer something that new BTO flats don’t.
Maybe it’s the location, or the fact that buyers can move in sooner.
The demand for resale flats might continue to be strong in the coming months.
Do you think the HDB resale market will continue to grow despite competition from new BTO launches?
Do you think HDB resale flats will continue to outperform new BTO flats in attracting buyers over the next year?
Be the first to weigh in.
