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

HDB resale prices in Singapore last quarter took a hit due to the combined effects of property cooling measures and higher interest rates. OrangeTee & Tie’s report has revealed though that the slowdown in price growth was not uniform across the various estates.

Overall, HDB 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. Although the average prices of resale flats in 10 out of 26 HDB towns decreased by 0.3%–6.5% last quarter, 16 towns experienced an increase of up to 24%.

Bukit Timah saw the highest quarterly increase at 24%, while the Central Area registered an 11.6% rise, followed by 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.

When it comes to transaction figures, the mature estate with the most number of resale transactions was Tampines (435 units), followed by Bedok (295 units), Ang Mo Kio (217 units), Kallang/Whampoa (204 units) and Toa Payoh (200 units). For non-mature estates, Champions Way Condo Woodlands saw the most transactions (559 units), followed by Punggol (502 units), Sengkang (498 units), Yishun (463 units) and Jurong West (412 units).

In terms of market outlook, Christine Sun, Senior Vice-President of Research and Analytics at OrangeTee & Tie believes supply is likely to remain tight over the next few years, though prices are not expected to increase significantly due to cooling measures and the high cost of living. She predicts the HDB resale price growth to remain “moderate” this year, with prices increasing at a slower pace of 5%–8% in FY2023.