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.
A total of 2,275 resale flats were transacted in the month of April as compared to the 2,264 flats transacted in March. This was a marginal increase of 0.5% (month-on-month).
The demand for resale flats continues to remain healthy. As buyers dependence on the resale market is fueled by the interest as a result of the uncertainties in the construction industry.
16 out of 26 towns sees increase in average resale prices
Comparing the average prices between March and April, we observed that 16 out 26 towns had a surge in prices. For comparison, there were a total of 14 towns with price increases observed in March.
The highest price increase for the month was in the Central Area. With a 17.8% rise observed in the area.
The reason behind the increase in these areas can be attributed to more occurrence of high value transactions such as million dollar deals. These deals tend to push the overall prices of the resale flats. Hence , the higher price increase in these areas.
Further drop in million dollar deals in April
The number of million-dollar deals dropped further in April. It declined from 27 deals in March to 22 deals in April. It is likely price resistance has set in.
4-room flat at Pinnacle @ Duxton had the highest deal in April
The Pinnacle @ Duxton had the highest transacted 4-room HDB resale flat within the project, with a price tag of $1.23 million. This essentially surpassed the previous high of $1.21 million, four-room flat at the same project itself, which was transacted in March.
Most deals were situated in The Pinnacle@Duxton. The HDB development continued to garner interest from buyers and set new records. It is a testament to the unique selling proposition of the project and the accessible central location that makes it attractive.
Outlook
Preliminary figures from data.gov.sg indicate that there have already been 12 million-dollar deals in May.
The month of May saw at least 3 deals in non-mature estates having a million dollar transactions. With the town of Woodlands seeing two million dollar deals in its estate. This is the first time Woodlands had such transactions.
Moving forward, with growing concerns over “Stagflation” as a result of spike in interest rates and economic uncertainties due to the geo-politicall tensions, buyers and sellers might be taking a cautious approach and observing the market closely.
In recent months, more have turned to the rental market as construction delays have led to longer rental occupation by couples who are waiting for their BTO flats to be completed.
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