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Price resistance has set into the HDB resale market in the third quarter of 2023, with prices increasing at a slower pace. This comes despite a record number of million-dollar flats being sold in the same quarter: 128 units, according to Orange Tee & Tie in an October research report. The firm also reported that four-room flat prices increased by 1.8%, while average resale prices declined in 10 towns across Singapore.

Resale flat transactions for the third quarter of 2023 rose 2.9% q-o-q, reaching 6,592 units, or 9.7% lower than the same period last year. The proportion of buyers going for executive flats also rose from 5.5% in the second quarter to 5.9% in the third.

On the flip side, four-room flats saw one of the biggest growths in resale prices, climbing 1.8% quarter-on-quarter from $579,740 to $589,992, according to HDB data from data.gov.sg. Year-to-date, prices increased by 3.8%, compared to the 8% growth seen over the first three quarters of 2022.

Million-dollar resale flat transactions hit a new record in 3Q2023, with 128 units sold for at least $1 million – surpassing the previous quarterly record of 111 units in 3Q2022. In the same period, Bukit Panjang saw its first million-dollar flat transaction, with a 1,367 sq ft executive flat at Jelebu Road sold for $1.02 million.

Looking ahead, OrangeTee & Tie believes existing affordability factors – such as interest rates that have stayed elevated for longer – will continue to influence the market. In view of these factors, the firm predicts a full-year price growth of around 4% to 5.5% for HDB resale flats in 2023. Volume is expected to dip slightly to about 26,000 to 27,000 units this year, compared to 27,896 units in 2022.

Sengkang still stands out amongst the 10 towns, with the highest volume at 504 units sold, followed by Punggol (499 units), Woodlands (497 units), Yishun (454 units), and Jurong West (439 units). Resale prices also fell in 10 towns, with Geylang charting the biggest decrease of 3.6% q-o-q, followed by the Central Area (down 3.4%), Bukit Batok (down 2%) and Sembawang (down 1.8%).

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In spite of inflationary concerns and price resistance from home buyers, OrangeTee & Tie’s senior vice president of research & analytics, Christine Sun, explains the rise in resale flat transactions could be attributed to grants given to first-timers and a delay in the August Build-To-Order (BTO) sales launch, which has diverted more Singaporeans to the resale market.

Sun also remarks that 2023 will likely break the previous year’s record of 369 million-dollar flat transactions, as 336 such units have already been sold in the first nine months of this year. The remaining four towns – Sengkang, Choa Chu Kang, Jurong West and Sembawang – which have yet to record a million-dollar flat transaction, may soon follow, with Sengkang currently having ten units sold for at least $900,000.

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