The Housing Development Board (HDB) resale flat market experienced slight improvements for both volume and prices last month. Will this upward trend last for the remaining of 2020?
The growing figures of HDB resale flats transacted in January 2020.
The figures of HDB flats which exchanged hands appear to have grown mildly in January with prices also climbing upwards despite the growth is less than 1%. Last December, the property market shrunk dramatically more with a 3% drop. But the year-end is usually a lull period for the property sector as majority of Singaporeans are travelling for the school holidays, or the year-end festive period.
As they come back in January with some purchasers hoping to complete deals prior to the Lunar New Year period, the real estate market could have geared up and hence recorded a slight growth. Will this uptrend however be sustainable the whole year as more resale houses enter the property market, having fulfilled their minimum occupation period (MOP)? This is likely if these same sellers have found a good private residential to upgrade to, like the Dairy Farm Residences with its convenience.
Are more HDB owners upgrading to the private real estate market?
5,902 resale flats will arrive at the end of their MOP within the upcoming 3 months and there also appears to be a growing trend for home owners of these younger flats to sell immediately when the MOP has been fulfilled. This could considerably add on the supply of resale HDB flats in the coming months.
Maybe areas with larger numbers of young families may experience a surge in the figures of resale units transacted, for example in Sengkang or Punggol, Woodlands and Bukit Batok. These households may consist of more members since the time the home owners moved in. There has also been more private and executive condominium projects sprouting all over these estates in the last 5 to 10 years, therefore the incentive to move up to the private real estate segment or simply to a larger HDB flat may currently be more compelling. This is why Dairy Farm Residences Balance Units have not much stock left because of these upgraders. Response from the purchasing public is yet to be seen though 1 may anticipate competition to be raised as 2020 ends well in its first quarter.
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