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Demand for HDB Resale Flats Remain Consistent in January | Ohmyhome Insights

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Every month, the Housing Development Board (HDB) releases a comprehensive database of resale transaction information on Data.gov.sg. Ohmyhome analyses this huge chunk of data and picks out the most relevant points and trends for readers.  

Source: Ohmyhome Research, Data.gov.sg //*Updated figures for Dec is reflected from data.gov.sg

A total of 2,445 resale flats were transacted in January as compared to the 2,426 (updated figures) flats transacted in December. This reflected a marginal growth rate of 0.8% in January.

Of the HDB flats transacted in January, about 41.9% were 4-room flats. 

As anticipated, demand for the HDB resale market is not waning as public housing continues to be a popular choice for most Singaporeans. 

Average HDB resale prices sees drop in most flat types 

Source: Ohmyhome Research, Data.gov.sg 

Comparing the average prices between December and January, we observed that most of the flat types saw a minor drop in average resale prices, with the exception of 3-room and executive flats.  

Million-dollar deals increasing at a slower pace 

Source: Ohmyhome Research, data.gov.sg 

The number of million-dollar deals dropped from 36 transactions in December to 27 deals in January, showing a 25.0% decline. But as we highlighted previously, we are expecting the million-dollar trend to continue at a slower pace with the new cooling measures in place. 

However, it is worth noting that, in comparison with January 2021, there were 14 more million dollar deals this year. January 2022 is the first full month with the cooling measures in place. 

It is a telling sign that despite the measures, buyers of such flats are generally people with deep pockets and place high emphasis on locational attributes and a spacious home. Hence, they are undeterred by the cooling measures in place.  

Highest million-dollar deal in January 2022: $1.34 million

Source: Ohmyhome Research, data.gov.sg 

Most deals were in The Pinnacle@Duxton, Skyville @ Dawson and City View @ Boon Keng.The most expensive flat sold in January 2022 was transacted at Bishan’s Natura Loft: a 5-room DBSS flat at a price of $1.34 million. 

It is also worth noting that 77.8% of the deals were for flats with a remaining lease range of 88 to 94 years. Relatively newer flats have garnered more interest from buyers. 

Outlook  

Source: Ohmyhome Research, data.gov.sg

Preliminary figures from data.gov.sg indicate that there have already been 10 million-dollar deals in February. 

We can expect softer price movements in the coming months with rising mortgage and inflation rates. As the rise in prices in 2021 is not sustainable in the long run. 

Genuine home buyers will continue to drive demand and those with immediate housing needs will be the demand drivers of the HDB resale market. 

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