Your search results

HDB Market Outlook 2023

Posted by Jayson Ang on January 8, 2023
| 0

TLDR: Understanding the HDB Market Outlook 2023

The HDB resale market showed resilience in 2022, with significant growth in sales and prices driven by factors like economic recovery and delays in new BTO flat completions. Despite cooling measures, prices are expected to remain relatively stable in 2023, with a forecasted growth rate of 6 to 8%. Demand will be supported by housing grants for first-time buyers. Additionally, million-dollar HDB resale transactions are on the rise, particularly in prime locations. The market is expected to see continued activity with fewer MOP flats entering the market compared to 2022.

Overview

The HDB resale market remained resilient in 2022, with more than 24,000 units resold in the first 11 months of 2022. Meanwhile, HDB resale prices are expected to post another year of double-digit growth.

The economic recovery, delays in the completion of new BTO flats, and a large supply of flats exiting the minimum occupation period (MOP) were all factors that have contributed to driving sales and price growth in 2022.

HDB Resale Market Outlook

  • Despite the recent cooling measures – aimed at encouraging home buyers to be more prudent with property purchase amid high interest rates – HDB resale prices are not likely to see a significant downward correction, as the tight resale stock and stable demand will help to keep prices relatively steady. PropNex projects HDB resale prices could rise by 9% to 10% for the whole of 2022, slowing from the 12.7% growth in 2021.
  • The temporary 15-month wait-out period intro- duced as part of the latest cooling measures will moderate demand for larger flats, especially flats in prime locations. For first-timer buyers, this helps to level the playing field by easing demand from private home downgraders, who tend to have a greater financial ability to pay a higher price for resale flats.
  • In 2023, HDB resale prices may grow at a slower pace following two years of robust performance. Together with the cooling measures and some price resistance setting in, this may slow the pace of the overall price increase. PropNex forecasts that HDB resale prices may grow by 6 to 8% in 2023.
  • With fewer MOP flats entering the market in 2023 compared to 2022, the available stock for resale could remain tight. PropNex expects the HDB resale volume to come in at around 27,000 to 28,000 flats in 2023. Demand will continue to be driven by those with more pressing housing need as well as families who do not wish to wait 3-5 years to get a BTO flat. Notably, eligible first-time buyers can also receive up to $160,000 in housing grants from the government, making HDB resale units attractive to Singaporean households.

Transactions and Prices

  • As of Q3 2022, the HDB resale price index has grown by nearly 8% from the end of 2021.

  • By flat type, the average resale price of 3-room HDB resale flats rose from 2021 to 2022 to $388,000, while that of 4-room and 5-room HDB resale flats increased to $548,000 and $654,000 respectively.

  • An estimated 31,325 flats have completed their 5-year MOP in 2022, possibly injecting fresh supply of units to the resale/rental market. In 2023, about 15,700 HDB flats are likely to attain MOP – substantially lower than the MOP stock in 2022.
  • The HDB estates that clocked the most resale trans- actions in 2022 were in non-mature towns such as Sengkang, Yishun, and Punggol – more than 2,100 flats in Sengkang were resold in the first 11 months of the year – being popular among home buyers due to their more affordable pricing and a wider selection of units.

Million Dollar HDB Resale Transactions

  • In the first 11 months of 2022, more than 340 HDB flats were resold for at least $1 million – already surpass- ing the record 259 deals done in the whole of 2021.
  • Most of these million-dollar flats are either located in prime mature estates or have fairly large floor areas which contributed to their hefty price tags. The HDB towns of Central Area, Bishan, Toa Payoh and Bukit Merah had the highest number of million-dollar resale flat deals in 2022. The most expensive resale flat sold in 2022 was a 5-room flat at SkyTerrace @ Dawson that went for $1.418 million in July.

Wondering What Move To Make In The Real Estate Market?

Whether it’s time to buy or sell, or if it’s best to wait, the decision can be confusing.

Keep in mind that everyone’s situation is different, and it’s important to consider your own unique circumstances before making a decision.

But don’t worry – my data-driven approach and years of on-the-ground experience will help provide clarity to you.

Whether you’re a first-time homebuyer or an experienced investor, we will take a systematic and goal-oriented approach to ensure you make the right decision.

I can help you by :

  1. Providing Strategic Property Advice – will ensure you have the right plan to guide you in your property journey.
  2. Finding the ideal buyers for your home – use of high quality photography, excellent response rate, and a deep knowledge of buyers gives us the edge to showcase your property in the best way possible, helping you meet your goals.

You May Also Like …


Explore the Benefits and Drawbacks of Holding an Open House!
All Blog Posts Buying Tips

Explore the Benefits and Drawbacks of Holding an Open House!

TLDR An open house is a valuable opportunity for sellers to showcase their home to potential buyers without pressure. It...
Read More
Top 5 Live Music Venues in Singapore
Mandarin Top 5

Top 5 Live Music Venues in Singapore

Singapore, a vibrant and multicultural city-state, is well-known for its diverse food scene, stunning architecture, and bustling shopping districts. However,...
Read More
Top 5 Reasons : Why Ultra-Rich Families Racing To Park Wealth In Singapore
Mandarin Top 5

Top 5 Reasons : Why Ultra-Rich Families Racing To Park Wealth In Singapore

Singapore, a small island nation in Southeast Asia, has become a magnet for the world's ultra-rich families seeking to park...
Read More
Top 5 Best Hidden Photography Locations in Singapore
Mandarin Top 5

Top 5 Best Hidden Photography Locations in Singapore

Singapore, a vibrant city-state known for its iconic landmarks and bustling urban landscape, is also home to numerous hidden gems...
Read More
Top 5 Overlooked Features that Buyers are Looking for in Singapore Property
Mandarin Top 5

Top 5 Overlooked Features that Buyers are Looking for in Singapore Property

The top 5 overlooked features that buyers are looking for in the Singapore real estate market. These are the overlooked...
Read More
How Much You Need to Earn to Afford a Condo 2023
All Buying Tips

How Much You Need to Earn to Afford a Condo 2023

TLDR When considering investing in a private property in Singapore, it's important to understand your borrowing capacity. Financial experts recommend...
Read More
Top 5 Factors : What Is Considered “Luxury” In The Singapore Property Market?
Mandarin Top 5

Top 5 Factors : What Is Considered “Luxury” In The Singapore Property Market?

The Singapore property market is known for its high-quality residential properties, attracting both local and international buyers. Luxury real estate...
Read More
5 Reasons Why Condos Are The Best Real Estate Investment in Singapore
Mandarin Top 5

5 Reasons Why Condos Are The Best Real Estate Investment in Singapore

Investing in a condo in Singapore is a popular choice for both locals and foreigners. Condominiums offer a range of...
Read More
Top 5 Factors : What I Wish I Had Known about Singapore Property Market
Mandarin Top 5

Top 5 Factors : What I Wish I Had Known about Singapore Property Market

Singapore's property market has always been an attractive investment option for both local and foreign investors. With its stable economy,...
Read More
Learn How To Negotiate For The Best Price When Purchasing a Resale HDB Flat
All Blog Posts Buying Tips

Learn How To Negotiate For The Best Price When Purchasing a Resale HDB Flat

Navigating the complexities of purchasing a resale HDB flat requires honing negotiation skills and market awareness. Understanding property valuations, seller...
Read More
Top 5 Romantic Date Spots in Singapore
Mandarin Top 5

Top 5 Romantic Date Spots in Singapore

Singapore, known for its stunning skyline and diverse culture, is a melting pot of romantic opportunities just waiting to be...
Read More
Singapore Decoupling Guide
All Blog Posts Buying Tips

Singapore Decoupling Guide

TLDR Decoupling in Singapore's real estate refers to the process of separating property ownership to avoid Additional Buyer's Stamp Duty...
Read More
Downsizing From A Spacious 4-Bedroom Condo To A Cozy 2-Bedder: How I Chose A Condo Over A HDB
All Blog Posts Buying Tips

Downsizing From A Spacious 4-Bedroom Condo To A Cozy 2-Bedder: How I Chose A Condo Over A HDB

TLDR Mdm Sim's decision to trade her four-bedroom house for a two-bedroom condo is explored, highlighting the benefits of right-sizing....
Read More
4 Fresh Trends among Young Homebuyers Could Shake Things up in Singapore’s Real Estate Scene
All Buying Tips

4 Fresh Trends among Young Homebuyers Could Shake Things up in Singapore’s Real Estate Scene

TLDR Younger generation in Singapore is reshaping house hunting by showing a preference for quality of life over location. Millennials...
Read More
Top 5 Best Secret Running Routes in Singapore
Mandarin Top 5

Top 5 Best Secret Running Routes in Singapore

Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also a haven for runners seeking scenic...
Read More
3 Things You Need to Know if You Are Buying a Second Property
All Buying Tips Opinion

3 Things You Need to Know if You Are Buying a Second Property

TLDR When considering buying a second property in Singapore, ensure eligibility by meeting the Minimum Occupancy Period (MOP) and understanding...
Read More
Discover Affordable Executive Condos in 2024 Starting at $560,000
All Buying Tips Opinion

Discover Affordable Executive Condos in 2024 Starting at $560,000

TLDR The Executive Condos (ECs) offer affordable options compared to private properties in Singapore. Despite price variations, most ECs remain...
Read More
Top 5 Factors : Buying Resale vs New Launch Property in Singapore: Which is Better?
Mandarin Top 5

Top 5 Factors : Buying Resale vs New Launch Property in Singapore: Which is Better?

The decision to invest in a property in Singapore can be both exciting and daunting, especially when faced with the...
Read More
Learn the Essentials of Renting Property in Singapore as a Foreigner
All Blog Posts Buying Tips

Learn the Essentials of Renting Property in Singapore as a Foreigner

TLDR Renting in Singapore offers various options for foreigners, such as HDBs, Condos, and even unique properties like heritage homes....
Read More
Top 5 Best Secret Gardens in Singapore
Mandarin Top 5

Top 5 Best Secret Gardens in Singapore

Singapore, a bustling city-state known for its modern architecture and vibrant culture, is also home to a plethora of hidden...
Read More
1 11 12 13 14 15 24

Compare Listings