4.9% drop in number of resale HDB flats sold last month

1,875 resale flats were sold last month but yet the numbers were 4.9% lower than the month before and 6.3% lower than in September 2018.

Transaction volume and prices of resale HDB flats fell in September

Orange white HDB building in block 136 potong pasir avenue 3 in singapore

Block 136 Potong Pasir Avenue 3. Picture: iProperty

Prices of resale HDB flats also fell but at a slight 0.2% last month and 0.1% last quarter. It is however 0.1% higher than that of the same month last year. 39.6% of the units sold last month were 4-room flats, making this property-type within the resale public housing sector the most popular with buyers. 5-room, 3-room and executive flats made up 24.9%, 25.7% and 7.6% of the total number of resale flats sold last month respectively.

Analysts are attributing the drop in transactions to the seasonal decline in August and September. For the past 3 years, the number of resale flats sold has dropped every September. On the other hand, an estimated 22,000 to 24,000 resale transactions are expected for this year. 15,000 units have already been sold within the first 8 months of 2019.

See more: Q3’s rise in private home prices a sign of improving market sentiments

Prices of resale flats expected to remain stable for the rest of 2019

Resale flat prices of units in non-mature estates rose 0.9% while that in mature estates fell 1.2%. The longer lease periods and newer product designs of these ‘newer’ flats mean they often command higher prices.

Kitchen in HDB unit. 201 Bishan Street 23.

Kitchen in HDB unit. 201 Bishan Street 23. Picture: iProperty

As 2,107 new units will enter the resale HDB market soon, it may become even harder to sell a resale unit. There were however a few transactions priced at or above the $1-million-dollar mark. One was for a 4-room unit at The Pinnacle@Duxton and another for an executive maisonette in Bishan.

See more: Neighbourhood Guide – Potong Pasir