HDB resale market outperforms expectations: OrangeTee

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/ EdgeProp
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November 22, 2018 12:43 PM SGT
The HDB resale market exceeded expectations as applications to sell HDB flats rose 18.9% q-o-q to 7,063 units in 3Q2018, notes OrangeTee & Tie in its public housing market report released on Nov 21. This brings total resale applications in the first three quarters of the year to a five-year high of 17,462.
Resale transactions from January to September at or exceeding $700,000 achieved a six-year high, at 1,438, says OrangeTee. This is a rise of 68.6% over the same period in 2013, when the figure stood at 853. On a y-o-y basis, this marks a 22.8% rise, from 1,171 flats sold.
For the first three quarters of the year, 52 HDB units that were sold at prices at or exceeding $1 million. Of these, 40 were below 20 years old, while 12 exceeded that. Significantly, a 2,551 sq ft HDB terrace at Jalan Bahagia was sold for $1.185 million in September, trumping the prior record, for a five-room, 1,259 sq ft unit in Toa Payoh sold for $1.16 million in August.
In the broader resale market, prices have been on a general downtrend in the past few years. Since 2Q2015, changes in prices of resale flats have been fluctuating between -1% and 1% q-o-q. In 3Q2018, prices dipped marginally by 0.1% q-o-q. For the first three quarters of this year, prices slipped 0.8%.
Resale popularity based on location
Non-mature towns saw a higher number of resales in 3Q2018 compared with mature estates, observes OrangeTee. Sengkang led with 528 units,...