A breakdown of HDB resale flat price changes by region and flat type (Q2 2023)

After three years of a robust HDB resale market, we might be seeing a slowdown in the secondary public housing market.

In a press release on July 3, HDB noted that Q2 2023 recorded the lowest resale volume in the last three years since Q3 2020, with 6,409 HDB units resold.

This is despite an increase in resale prices by 1.4 per cent in Q2 2023, which is higher than the 1.0 per cent increase in Q1 2023.

To get a clearer picture of the price changes, we're using the 99.co Researcher tool to see the quarterly price changes by region and flat type.

Central

Here are the HDB towns that are under the central region:

• Bishan
• Bukit Merah
• Bukit Timah
• Central area
• Geylang
• Kallang/Whampoa
• Marine Parade
• Queenstown
• Toa Payoh

And here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.

Four-room HDB resale flats in the central region saw the highest price increase in Q2 2023 by 2.27 per cent, followed by three-room flats at 0.1 per cent.

Interestingly, the bigger flat types saw a price drop, with five-room flats seeing a drop of 0.11 per cent, and executive and multi-gen flats seeing an even bigger drop of 5.32 per cent.

Year-on-year, three-room and four-room flats have seen the highest price increase of 6.97 per cent and 6.06 per cent, respectively. On the other hand, five-room flats, executive and multi-gen flats have seen lower price increases of 3.31 per cent and 1.52 per cent, respectively.

A possible reason for the lower price increases for the bigger flats is the 15-month waiting period imposed in September last year for private property owners downgrading to HDB flats. Those 55 years old and above are not subject to the waiting period if they buy a four-room flat or smaller.

Meanwhile, the average prices psf of the respective flat types in the central region are more varied, with the highest for four-room flats at $754 psf in Q2 2023. This is followed by five-room flats ($698 psf), executive and multi-gen flats ($625 psf) and three-room ($608 psf).

East

HDB towns in the east region are:

• Bedok
• Pasir Ris
• Tampines

Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.

A different price trend is observed in the east. Over in the east, all HDB flat types saw a price increase, with five-room flats having the highest increase of 6.41 per cent, followed by executive and multi-gen flats (3.3 per cent) and four-room flats (3.27 per cent). Meanwhile, three-room flats saw a dismal increase of 0.17 per cent.

Year-on-year, four-room and five-room flats surged by 10.70 per cent and 10.64 per cent, respectively, followed by executive and multi-gen flats at 8.58 per cent and three-room flats at 4.65 per cent.

At the same time, the average prices psf for all the flat types in the east have been around the same range for the past one year, from $532 for three-room flats to $548 for executive and multi-gen flats in Q2 2023.

North

HDB towns located up north are:

• Sembawang
• Woodlands
• Yishun

Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.

In the north, executive and multi-gen flats recorded the highest price growth of 2.74 per cent in Q2 2023. This is followed by four-room flats (1.73 per cent), five-room flats (0.18 per cent) and three-room flats (0.11 per cent).

Like the four-room flats in the east and north-east regions, four-room flats in the north saw the highest price growth year-on-year by 8.11 per cent. Meanwhile, executive and multi-gen flats flat prices rose by 6.98 per cent, followed by three-room flats at 6.67 per cent and five-room flats at 5.87 per cent

Meanwhile, the average price psf of three-room flats has been at least $500 psf in the last one year, which is higher than the other flat types.

In Q2 2023, the average prices psf of four-room, five-room, executive and multi-gen flats were around the same range, from $483 psf to $496 psf. This is way lower than the average price psf for three-room flats in the same quarter at $528 psf.

North-east

HDB towns in the north-east are:

• Ang Mo Kio
• Hougang
• Punggol
• Sengkang
• Serangoon

Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.

Over in the north-east, executive and multi-gen flats saw the largest price drop of 2.06 per cent in Q2 2023, reversing the price increase of 2.12 per cent in the previous quarter.

Meanwhile, the other flat types saw a slight increase ranging from 0.11 per cent for four-room flats, 1.22 per cent for five-room to 1.34 per cent for three-room flats.

Likewise, among the flat types, there's a higher preference for four-room flats in the north-east. Year-on-year, prices of four-room flats rose the highest by 7.11 per cent. This is followed by executive and multi-gen flats (7.03 per cent), five-room flats (5.86 per cent) and three-room flats (5.79 per cent).

And similar to the HDB resale flats in the east, the average prices psf of the respective flat types in the north-east have been hovering around the same price range. In Q2 2023, prices range from $534 psf for executive and multi-gen flats to $571 psf for four-room flats.

West

HDB towns in the west are:

• Bukit Batok
• Bukit Panjang
• Choa Chu Kang
• Clementi
• Jurong East
• Jurong West
• Tengah

Here are the quarterly HDB resale price changes of the respective flat types over the past one year, from Q2 2022 to Q2 2023.

Over in the west, prices of HDB resale flats have moderated in Q2 2023. The price growth in the last quarter ranged from 0.89 per cent for executive and multi-gen flats to 2.68 per cent for three-room flats.

Interestingly, when we look at the year-on-year price change, four-room flats saw the lowest price increase of 4.47 per cent.

In contrast, the other flat types saw higher increases in the last one year, from 7.03 per cent for executive and multi-gen flats, 7.76 per cent for five-room flats to 8.94 per cent for three-room flats.

Apart from executive and multi-gen flats, which have an average price psf of $496 in Q2 2023, the average prices psf of the other flat types have crossed the $500 mark. This ranged from $517 for five-room flats, $520 for four-room flats to $539 for three-room flats.

ALSO READ: 27 soon-to-be million-dollar HDB flats: Here's where you can find them

This article was first published in 99.co.