Singapore HDB Resale Volume Slows In September

Resale Housing Board flat transactions slowed in September, with signs of resistance setting in as flat prices hit a record high. There were a total of 2,518 HDB resale transactions last month, an 8.4 per cent drop from August, according to flash data from real estate portal SRX released on Thursday (Oct 7). However, prices rose 0.9 per cent last month compared with August, surpassing the previous peak recorded in April 2013 by 0.8 per cent, according to SRX data. This marks 15 straight months that HDB resale prices have climbed. Hikes were seen in both mature and non-mature estates, and across all flat types last month. Twenty-three HDB flats were sold for at least $1 million last month, less than the 26 such transactions in August. However, they made up just 0.9 per cent of total resale transactions last month. A total of 174 HDB flats have transacted for $1 million and up so far this year, a 278.3 per cent jump from the same period last year. Ms Christine Sun, Senior Vice-President of research and analytics at OrangeTee & Tie, said that sales last month slowed as rising prices kept some would-be buyers on the sidelines. She noted that other factors such as the Hungry Ghost month and viewing restrictions imposed in line with Singapore's stabilisation phase from Sept 27 may have contributed to the slower sales.