After three years of a robust HDB resale market, we might be seeing a slowdown in the secondary public housing market.
In a press release on 3rd July, HDB noted that Q2 2023 recorded the lowest resale volume in the last three years since Q3 2020, with 6,409 HDB units resold.
This is despite an increase in resale prices by 1.4% in Q2 2023, which is higher than the 1.0% increase in Q1 2023.
To get a clearer picture of the price changes, we’re using the 99.co Researcher tool to see the quarterly price changes by region and flat type.
Central
Here are the HDB towns that are under the central region:
- Bishan
- Bukit Merah
- Bukit Timah
- Central area
- Geylang
- Kallang/ Whampoa
- Marine Parade
- Queenstown
- Toa Payoh
And here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | YoY | |
| 3-room | 2.59% | 1.27% | 2.86% | 0.1% | 6.97% |
| 4-room | 1.38% | 2.81% | -0.5% | 2.27% | 6.06% |
| 5-room | 2.18% | 0.56% | 0.65% | -0.11% | 3.31% |
| Executive, Multi-gen | 4.99% | -0.22% | 2.34% | -5.32% | 1.52% |
4-room HDB resale flats in the central region saw the highest price increase in Q2 2023 by 2.27%, followed by 3-room flats at 0.1%. Interestingly, the bigger flat types saw a price drop, with 5-room flats seeing a drop of 0.11%, and executive and multi-gen flats seeing an even bigger drop of 5.32%.
Year-on-year, 3-room and 4-room flats have seen the highest price increase of 6.97% and 6.06%, respectively. On the other hand, 5-room flats, executive and multi-gen flats have seen lower price increases of 3.31% and 1.52%, respectively.
A possible reason for the lower price increases for the bigger flats is the 15-month waiting period imposed in September last year for private property owners downgrading to HDB flats. Those 55 years old and above are not subject to the waiting period if they buy a 4-room flat or smaller.
Meanwhile, the average prices psf of the respective flat types in the central region are more varied, with the highest for 4-room flats at S$754 psf in Q2 2023. This is followed by 5-room flats (S$698 psf), executive and multi-gen flats (S$625 psf) and 3-room (S$608 psf).
HDB flats for sale in central region
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East
HDB towns in the east region are:
- Bedok
- Pasir Ris
- Tampines
Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | YoY | |
| 3-room | 1.9% | 2.15% | 0.38% | 0.17% | 4.65% |
| 4-room | 3.12% | 1.32% | 2.59% | 3.27% | 10.70% |
| 5-room | 2.65% | 1.97% | -0.67% | 6.41% | 10.64% |
| Executive, Multi-gen | 2.16% | 1.75% | 1.11% | 3.3% | 8.58% |
A different price trend is observed in the east. Over in the east, all HDB flat types saw a price increase, with 5-room flats having the highest increase of 6.41%, followed by executive and multi-gen flats (3.3%) and 4-room flats (3.27%). Meanwhile, 3-room flats saw a dismal increase of 0.17%.
Year-on-year, 4-room and 5-room flats surged by 10.70% and 10.64%, respectively, followed by executive and multi-gen flats at 8.58% and 3-room flats at 4.65%.
At the same time, the average prices psf for all the flat types in the east have been around the same range for the past one year, from S$532 for 3-room flats to S$548 for executive and multi-gen flats in Q2 2023.
HDB flats for sale in east region
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North
HDB towns located up north are:
- Sembawang
- Woodlands
- Yishun
Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | YoY | |
| 3-room | 1.68% | 3.89% | 0.87% | 0.11% | 6.67% |
| 4-room | 3.65% | 3.37% | -0.81% | 1.73% | 8.11% |
| 5-room | 2.21% | 3.06% | 0.33% | 0.18% | 5.87% |
| Executive, Multi-gen | 2.45% | 2.50% | -0.84% | 2.74% | 6.98% |
In the north, executive and multi-gen flats recorded the highest price growth of 2.74% in Q2 2023. This is followed by 4-room flats (1.73%), 5-room flats (0.18%) and 3-room flats (0.11%).
Like the 4-room flats in the east and north-east regions, 4-room flats in the north saw the highest price growth year-on-year by 8.11%. Meanwhile, executive and multi-gen flats flat prices rose by 6.98%, followed by 3-room flats at 6.67% and 5-room flats at 5.87%
Meanwhile, the average price psf of 3-room flats has been at least S$500 psf in the last one year, which is higher than the other flat types.
In Q2 2023, the average prices psf of 4-room, 5-room, executive and multi-gen flats were around the same range, from S$483 psf to S$496 psf. This is way lower than the average price psf for 3-room flats in the same quarter at S$528 psf.
HDB flats for sale in north region
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North-east
HDB towns in the north-east are:
- Ang Mo Kio
- Hougang
- Punggol
- Sengkang
- Serangoon
Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | YoY | |
| 3-room | 0.23% | 4.71% | -0.54% | 1.34% | 5.79% |
| 4-room | 2.06% | 2.65% | 2.14% | 0.11% | 7.11% |
| 5-room | 3.53% | 0.85% | 0.16% | 1.22% | 5.86% |
| Executive, Multi-gen | 5.49% | 1.44% | 2.12% | -2.06% | 7.03% |
Over in the north-east, executive and multi-gen flats saw the largest price drop of 2.06% in Q2 2023, reversing the price increase of 2.12% in the previous quarter. Meanwhile, the other flat types saw a slight increase ranging from 0.11% for 4-room flats, 1.22% for 5-room to 1.34% for 3-room flats.
Likewise, among the flat types, there’s a higher preference for 4-room flats in the north-east. Year-on-year, prices of 4-room flats rose the highest by 7.11%. This is followed by executive and multi-gen flats (7.03%), 5-room flats (5.86%) and 3-room flats (5.79%).
And similar to the HDB resale flats in the east, the average prices psf of the respective flat types in the north-east have been hovering around the same price range. In Q2 2023, prices range from S$534 psf for executive and multi-gen flats to S$571 psf for 4-room flats.
HDB flats for sale in north-east region
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West
HDB towns in the west are:
- Bukit Batok
- Bukit Panjang
- Choa Chu Kang
- Clementi
- Jurong East
- Jurong West
- Tengah
Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.
| Q3 2022 | Q4 2022 | Q1 2023 | Q2 2023 | YoY | |
| 3-room | 3.10% | -1.52% | 4.49% | 2.68% | 8.94% |
| 4-room | -1.97% | 3.02% | 2.44% | 0.98% | 4.47% |
| 5-room | 1.54% | -1.18% | 5.57% | 1.72% | 7.76% |
| Executive, Multi-gen | 2.99% | -0.66% | 3.69% | 0.89% | 7.03% |
Over in the west, prices of HDB resale flats have moderated in Q2 2023. The price growth in the last quarter ranged from 0.89% for executive and multi-gen flats to 2.68% for 3-room flats.
Interestingly, when we look at the year-on-year price change, 4-room flats saw the lowest price increase of 4.47%. In contrast, the other flat types saw higher increases in the last one year, from 7.03% for executive and multi-gen flats, 7.76% for 5-room flats to 8.94% for 3-room flats.
Apart from executive and multi-gen flats, which have an average price psf of S$496 in Q2 2023, the average prices psf of the other flat types have crossed the S$500 mark. This ranged from S$517 for 5-room flats, S$520 for 4-room flats to S$539 for 3-room flats.
HDB flats for sale in west region
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Planning to sell your HDB flat soon? Let us help you get the right price by connecting you with a premier property agent.
If you found this article helpful, 99.co recommends Is it better to sell your HDB resale flat before, during or after a BTO month? and HDB Service and Conservancy Charges (S&CC): What you need to know (2023).
The post A breakdown of HDB resale flat price changes by region and flat type (Q2 2023) appeared first on .
