HDB Resale Market Trend Sees 0.5% Price Increase Amidst 14.6% Drop in Transaction Volume and Fewer Million-Dollar Flats

1. HDB resale prices increased by 0.5% in August 2024 compared to July 2024. Compared to July 2024, property prices in Mature Estates decreased by 0.2%, while prices in Non-Mature Estates increased by 1.2%. In terms of room types, 3 Room prices increased by 0.8%, 4 Room prices decreased by 0.2%, 5 Room prices increased by 0.8%, and Executive prices increased by 1%.

      According to the SRX Property Price Index for HDB Resale:

• Year-on-year, the overall price increase was 7.5% from August 2023.

• Year-on-year, prices for all room types increased from August 2023: 3-Room by 8%, 4-Room by 7.5%, 5-Room by 6.8%, and Executive by 5.7%

• Both Mature and Non-Mature Estates prices increased by 6.3% and 8.2% respectively from a year ago.
  
  

2. 2,605 HDB resale flats were transacted in August 2024, representing a 14.6% decrease from July 2024. 

• Year-on-year, resale volume in August 2024 was 5.3% higher than the previous year. 

• Breaking it down by room type, in August 2024, 24.7% of the volume came from HDB 3 Room, 43.4% from 4 Room, 24.4% from 5 Room, and 7.4% from Executive.

• Breaking it down by estate, 60.5% of the resale volume in August 2024 came from Non-Mature Estates. The remaining 39.5% in the month were from Mature Estates.

3. The highest transacted price for a resale flat in the month was S$1,480,000 for a 5 Room flat at Cantonment Road.

• In Non-Mature Estates, the highest transacted price was S$1,223,880 for a 5 Room flat at Punggol Field.

4. In August 2024, there were 104 HDB resale flats transacted for at least S$1,000,000, representing a decrease from July 2024 which recorded 120 such units.

• The number of million-dollar flats sold comprised 4% of the total resale volume in the month.

• Bukit Merah recorded 12 units of million-dollar flats sold in the month, followed by Bishan and Kallang Whampoa which both sold 11 units and Ang Mo Kio which sold 10 units.

• The rest of the million-dollar flats came from Toa Payoh, Geylang, Clementi, Queenstown, Woodlands, Central Area, Hougang, Serangoon, Bukit Timah, Bedok, Tampines, Sengkang, Yishun, Punggol, Pasir Ris, and Bukit Panjang.