Sales dip 21.1 per cent in Q4 to 6,424 units, with 28,986 resale transactions recorded in the whole of 2024
RESALE prices of public housing flats rose 2.6 per cent in the fourth quarter of 2024, data from the Housing and Development Board (HDB) showed.
The rise, announced on Friday (Jan 24), was a notch higher than the earlier estimated 2.5 per cent released on Jan 2. It eased marginally from a 2.7 per cent hike during the third quarter.
This brings the full-year price growth to 9.7 per cent – significantly higher than the 4.9 per cent increase in 2023, but a tad lower than the 10.4 per cent price gain in 2022.
Meanwhile, transaction volumes of resale flats fell 21.1 per cent in Q4 to 6,424 units, from the 8,142 units in the previous quarter. Year on year, this was a 1.9 per cent decrease.
For the whole of 2024, 28,986 resale transactions were recorded, up 8.4 per cent from the prior year’s 26,735.
HDB attributed the growth in resale prices to “strong broad-based demand” and supply tightness in the market.
The government in August lowered the loan-to-value limit for HDB housing loans to 75 per cent in August to “cool the market and encourage greater prudence among homebuyers”, it added. “Households are strongly advised to exercise prudence in their property purchases as the property market moves in cycles and those who buy high will be hit harder if prices weaken.”
Growing prices
The HDB towns with the highest median resale price of three-room flats were in the Punggol region at S$526,900, while the lowest was located in Toa Payoh at S$380,000.
For four-room flats, the highest median price was recorded in Toa Payoh at S$950,000, while the lowest recorded median price was in Jurong West at S$521,500.
For five-room and executive flats, the highest median resale price was in Bishan at S$970,000. The lowest was in Jurong West at S$620,000.
On the rental market front, there were 59,043 HDB flats rented out as at the end of Q4, a minute decrease of 0.2 per cent from Q3.
HDB approved 8,603 cases to rent out the flats, a 5.6 per cent drop quarter on quarter and 12.1 per cent rise decrease year on year. In total, some 36,673 cases were approved for the entire 2024, down 6.3 per cent from the previous year.
Based on HDB’s latest data, the highest median rental price was for five-room flats in Queenstown at S$4,500. The lowest was for two-room flats in Sembawang at S$2,270.
Copyright SPH Media. All rights reserved.
