HDB resale prices up 0.6% in Dec with fewer units sold

Analysts say slower rate of price growth in 2023 an indication of stabilising prices

Prices of Housing Board resale flats inched up by 0.6 per cent in December, a slight increase from November’s 0.4 per cent.

Prices were up 5.8 per cent year on year, slower than the 8.8 per cent growth in 2022, based on flash data from real estate portals 99.co and SRX on Jan 8.

A record 470 flats were sold for at least $1 million each in 2023, with 48 of these changing hands in December.

However, property analysts said the slower rate of price growth in 2023 was an indication of stabilising prices.

Ms Christine Sun, senior vice-president of research and analytics at real estate firm OrangeTee & Tie, said December was the eighth consecutive month in which monthly resale prices either rose or dipped by less than 1 per cent. In September, prices had declined 0.6 per cent.

ERA Singapore key executive officer Eugene Lim said high interest rates and rising retrenchment numbers amid a softer economic outlook have caused some home owners to delay their upgrading plans.

“Middle-aged HDB owners are the most affected since they qualify for a shorter loan tenure due to their age, so some are reconsidering their home upgrading plans,” he added.