HDB resale prices rise at quicker pace of 1.7% in first quarter

Figure is higher than previous quarter’s 1.1% rise, marks l6th straight quarter of increase

- Isabelle Liew

Prices of Housing Board resale flats inched up 1.7 per cent in the first quarter of 2024, rising at a quicker pace than the 1.1 per cent growth in the previous quarter.

This marks the 16th consecutive quarter of price increase since the second quarter of 2020, according to flash estimates released by HDB on April 1.

HDB said the overall 2.8 per cent price growth lodged over the fourth quarter of 2023 and the first quarter of 2024 is the same as the total increase over the second and third quarters of 2023.

It added that the HDB resale market is stabilising, noting that resale prices rose 4.9 per cent in 2023, lower than the 10.4 per cent increase in 2022, and the 12.7 per cent climb in 2021.

Citing an uncertain economic outlook and elevated mortgage rates, HDB said households should continue to be financially prudent in their flat purchases.

Property analysts noted that the first group of private home owners who have served their 15-month wait-out period after selling their homes have been able to buy HDB resale flats from January 2024.

The wait-out period is a temporary measure rolled out in September 2022 to cool the resale market.