16 HDB estates see quarterly price increases in 4Q2022, prices of flats in Bukit Timah climb 24% q-o-q: OrangeTee & Tie

OrangeTee & Tie expects HDB resale price growth to remain “moderate” this year, increasing at a slower pace of 5%–8% in FY2023.

SINGAPORE (EDGEPROP) - Although HDB resale prices took a hit last quarter due to the combined effects of property cooling measures and higher interest rates, the slowdown in price growth was not uniform across the various estates, according to a new HDB market report by OrangeTee & Tie.

This comes on the heels of the release of the 4Q2022 public housing statistics by HDB on Jan 27. The transaction figures showed that overall resale flat prices decreased 2.3% q-o-q in 4Q2022, and the HDB resale market registered a 10.4% y-o-y price increase for the whole of 2022.

According to OrangeTee & Tie, the average prices at 10 out of 26 HDB towns slipped last quarter, decreasing by 0.3%–6.5% q-o-q. For example, Serangoon and Jurong East recorded the highest q-o-q price decline of 6.5% in 4Q2022, followed by Toa Payoh at 6.0%, and Queenstown at 5.0%.

Conversely, prices of resale flats in the other 16 towns rose by 0.4%–24% last quarter. The highest quarterly increases were in Bukit Timah (24%), the Central Area (11.6%), Geylang (6.4%) and Bukit Merah (3.8%). Flats in Bukit Timah fetched the highest average price at $855,231 last quarter.

Meanwhile, six HDB towns registered less than 1% increase such as Marine Parade, Jurong West, Choa Chu Kang, Clementi, Yishun and Bukit Batok. (Find HDB flats for rent or sale with our Singapore HDB directory)

In 4Q2022, the mature estates that saw the most number of resale transactions were Tampines (435 units), Bedok (295 units), Ang Mo Kio (217 units), Kallang/Whampoa (204 units) and Toa Payoh (200 units). The non-mature estates with the most resale transactions were Woodlands (559 units), Punggol (502 units), Sengkang (498 units), Yishun (463 units) and Jurong West (412 units).

“Housing supply is expected to remain tight over the next few years,” says Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie. “Although supply will drop this year, prices are not expected to rise extensively, given the cooling measures and high cost of living.”

She expects HDB resale price growth to remain “moderate” this year, increasing at a slower pace of 5%–8% in FY2023.

Check out the latest listings near Serangoon, Jurong East, Toa Payoh, Queenstown, Bukit Timah, Central Area, Geylang, Bukit Merah, Marine Parade, Jurong West, Choa Chu Kang, Clementi, Yishun, Bukit Batok, Tampines, Bedok, Ang Mo Kio, Woodlands, Punggol, Sengkang