1,585 resale HDB flats exchanged hands last December. Sales volume was almost 20% less than that in November 2017.
Resale flat prices 12.5% lower than April 2013
2017 ended on a positive note for the resale HDB flat sector. HDB flat prices fell 1.5% last year but December’s 0.1% climb gave the market some hope that 2018 will be a good year.
Sales volume fell 20% in December but it could be partly put to the festive lull. On a whole, the number of resale flats sold last month was still 14% higher than the 1,391 units sold in December 2016.
With resale flat prices 12.5% lower since the peak in April 2013, this year’s journey ahead for the market seems like it could only move upwards.
Demand differ by flat type and location
Prices of flats in mature estates have fallen 1.2% while that in non-mature estates have gone the same direction by 2.3%. 4-room flat prices fell 0.9% while prices of 3-room flats and executive flats rose 0.2% and 1.5% respectively. 5-room flat prices remained unchanged. Demand may have shifted due to adjustments in the private property sector.
The number of HBD upgraders moving from public to private housing have increased last year. This year may prove to be the same, with resale HDB flats attracting buyers who are not eligible for new flats or have urgent housing needs.