HDB resale market grows in December amidst steady rise in volume, prices

Resale volumes rose by 9% month-on-month to 2,129 units, reversing four consecutive months of decline.

The HDB resale market remained resilient in December 2024, with transaction volumes and prices showing steady growth despite the year-end holiday season.

According to PropNex, resale volumes rose by 9% month-on-month to 2,129 units, reversing four consecutive months of decline. The market was buoyed by strong demand in both mature and non-mature estates.

Meanwhile, Huttons noted that mature estates accounted for 41.4% of total transactions, the highest proportion since June 2024, whilst non-mature estates like Sengkang and Woodlands continued to lead in activity.

Resale prices grew modestly, increasing by 0.1% month-on-month and 9.8% year-on-year, demonstrating the market’s resilience. OrangeTee highlighted that a key factor in price growth was the increase in million-dollar flat transactions, which rose to 95 units in December from 87 in November.

For the year, PropNex reported that 1,035 million-dollar flats were sold, more than doubling the 469 units transacted in 2023. This set a new record, with such flats accounting for 3.7% of the total resale volume in 2024.

Looking ahead, the three firms anticipate some moderation in the market for 2025. OrangeTee projected that resale prices would rise by 4%-6%, a slower pace compared to the 9% increase in 2024, whilst PropNex suggested that million-dollar flat transactions could remain strong, potentially exceeding 1,000 units again.

Huttons noted that the anticipated increase in BTO flat supply is likely to temper price growth in the secondary market. Despite these moderating factors, all three firms agree that the HDB resale market is poised to remain buoyant, supported by robust demand and favourable economic conditions.

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