- HDB resale prices increased 0.3% in Oct 2024 despite BTO competition.
- Resale transaction volumes dropped 2.7% month-on-month due to new BTO launch.
- 103 HDB flats sold for at least S$1 million in October 2024.
HDB resale market shows resilience amid stiff competition from new BTO flats launched in October 2024.
- HDB Resale Market Remains Strong Despite BTO Launch
- Resale Volumes Drop Due to BTO Competition
- Types of Flats Sold in October 2024
- Million-Dollar HDB Flats Still in Demand
- Areas with Most Million-Dollar Flat Sales
- Price Increases Across Different Flat Types
- Non-Mature vs Mature Estates
- HDB Resale Market Outlook
HDB Resale Market Remains Strong Despite BTO Launch
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.
Resale Volumes Drop Due to BTO Competition
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.
Types of Flats Sold in October 2024
| Flat Type | Percentage of Total Sales |
|---|---|
| 4-room | 42.7% |
| 3-room | 27.1% |
| 5-room | 23.5% |
| Executive | 6.6% |
Million-Dollar HDB Flats Still in Demand
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.
Areas with Most Million-Dollar Flat Sales
- Toa Payoh: 18 transactions
- Kallang-Whampoa: 15 transactions
- Bukit Merah: 13 transactions
- Queenstown: 12 transactions
Price Increases Across Different Flat Types
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
Non-Mature vs Mature Estates
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%.
HDB Resale Market Outlook
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?
