Broad HDB resale market stable even as Queenstown flat sets new price record

Summary

A 5-room resale flat in Queenstown has set a new price record of nearly $1.82 million in October, even as the broad HDB resale market remained fairly stable. The million-dollar resale trend in the month also points to an increasingly two-speed market, where the top end of the segment continues to see firm prices.

The share of million-dollar HDB resale deals as a proportion of total resale flat transactions also hit a new monthly high in October, as 238 such units changed hands in the month. Despite the elevated sales of such units, the overall average resale price was relatively flat. Transaction data showed that the average resale price inched up by 0.2% month-on-month (MOM) to $687,417 in October, following the 1.0% MOM and 2.8% MOM increase in August and September, respectively (see Chart 1).

This comes even as the resale volume eased slightly during the month. There were 2,176 flats resold in October, down 2.9 from the 2,240 units that changed hands in the previous month (see Chart 1). This is the third consecutive month that sales had moderated. The towns that led sales in October were Tampines, Punggol, and Woodlands.

Opening paragraphs from the PropNex propnex picks, shared by Ng Li Lian as a PropNex salesperson. Ask Li Lian for the full report.

Buying or selling in the East? See District 16, District 15 or District 14.