The HDB resale market in April 2024 experienced an overall upward trend, with increases in both prices and transaction volumes. Resale prices rose by 0.9% compared to March 2024, indicating positive activity in the housing sector. Analysing the data reveals variations across room types and estate categories, reflecting buyer preferences and market dynamics.
The emergence of million-dollar transactions highlights the importance of premium properties in shaping market trends. In this article, we will delve into the specifics of April’s HDB resale market performance, providing insights into the factors driving this activity and its implications for stakeholders.
Read our cover of last month’s report: HDB prices up slightly while volumes drop in March 2024
HDB resale prices increased by 0.9% in April 2024 compared to March 2024
In April 2024, HDB resale prices experienced a significant uptick, with a 0.9% increase compared to March of the same year. This rise was observed across both Mature and Non-Mature Estates, with prices ascending by 0.9% and 0.4% respectively from the preceding month. Examining specific room types, the trend varied: 3 Room prices surged by 1.2%, 4 Room by 1.1%, and Executive by 2.3%, while 5 Room prices experienced a slight dip of 0.3%.
Analysing the broader context through the SRX Property Price Index for HDB Resale, the upward trajectory is evident. Year-on-year, the overall price surge stands at a considerable 6.0% from April 2023, indicating the market’s enduring strength.
This growth is consistent across all room categories, with increases recorded: 3 Room by 6.2%, 4 Room by 7.1%, 5 Room by 4.5%, and Executive by 5.7%. Furthermore, both Mature and Non-Mature Estates have experienced robust appreciation, marking a 5.9% and 5.6% increase from the previous year. These trends suggest a dynamic and resilient landscape within the HDB resale market.
2,387 HDB resale flats were transacted in April 2024
There was a significant increase in HDB resale transactions, with 2,387 flats changing hands, marking a 15.7% escalation from the previous month. This indicates a lively market atmosphere, characterised by increased buyer and seller engagement.
The year-on-year comparison shows consistent momentum, with April 2024’s resale volume recording a 9.0% increase compared to the corresponding period in the preceding year, highlighting the enduring appeal and stability of HDB resale properties.
Further analysis of the transactional breakdown by room type reveals varied preferences among buyers. 3-room flats constituted 25.7% of the total volume, followed by 4-room flats at 45.1%, 5 Room at 23.4%, and Executive flats at 5.8%, indicating a diverse range of choices catering to different household needs and preferences.
Similarly, the distribution of resale volume across estates showed that Non-Mature Estates dominated the landscape, accounting for 62.1% of transactions in April 2024, while Mature Estates contributed the remaining 37.9%, emphasising the significance of location dynamics in shaping resale market dynamics.
The highest transacted price for a resale flat in the month is achieved at $1,438,000
A 5-room flat located at Lor 1A Toa Payoh has recently secured the highest transacted price of S$1,438,000 in resale flat transactions, indicating the perceived allure and value of this property type.
Similarly, an executive apartment situated at Toh Guan Rd has achieved the highest transacted price of S$1,088,000 within Non-Mature Estates, highlighting the desirability and premium attached to residences in this category in the real estate landscape.
Here’s another breakthrough HDB ATH: Sengkang’s HDB resale breaks S$1,000,000 transaction threshold
In April 2024, there are 68 HDB resale flats transacted for at least S$1,000,000
The HDB resale market witnessed a rise in the number of transactions involving properties valued at a million dollars or more. In the month under review, 68 such flats changed hands, up from the previous month’s tally of 61 units. This increase highlights the growing segment within the market that commands premium prices, reflecting buyer preferences and market dynamics.
The transactions involving million-dollar flats constituted 2.8% of the total resale volumes for the month, indicating their significance within the broader resale landscape and their role in shaping market trends.
Read Singapore’s most expensive HDB resale transaction: At S$1.588M, this 5R HDB in Bukit Merah is Singapore’s most expensive resale flat
The distribution of million-dollar flats by location shows several hotspots across Singapore. Kallang Whampoa emerged as a prominent hub with fifteen units transacted at this price point, followed by Toa Payoh and Bukit Merah with nine units each, showcasing the diversity of high-value transactions across different districts.
Moreover, the dispersion of million-dollar flats extends beyond these primary locations, encompassing areas like Queenstown, Ang Mo Kio, Tampines, and others, reflecting a widespread demand for premium HDB resale properties across the island.
Conclusion
The HDB resale market in April 2024 showed growth and vibrancy, with increased transaction volumes, price escalations, and a notable presence of premium transactions. This performance highlights the enduring appeal of HDB resale properties and provides insights into evolving buyer preferences and market dynamics.
As the market continues to evolve, stakeholders must navigate these trends with vigilance and leverage insights to make informed decisions in a diverse and dynamic landscape. Looking ahead, the resilience demonstrated in April sets a promising tone for the future of Singapore’s HDB resale market.
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