HDB resale prices continue to rise at a considerable pace What Happened HDB resale apartment price index compared to previous quarter (qoq) in the third quarter of this year (third quarter of 2021) It increased by 2.7%. With the expansion in the third quarter of 2021, the HDB resale price index surpassed the previous highs in the second quarter of 2013. After peaking in the second quarter of 2013, North Gaia EC public housing prices have fallen over the next six years. It started to recover in the third quarter of 2019. Recent price increases in the public housing market are very healthy. In the first nine months of this year, the HDB resale price index rose 8.9%. growth peaked 20 The 2.7% price increase in the third quarter of 21 was slower than the 3.0% quarterly growth in the first and second quarters of this year. Its relatively slow, but still significant growth rate, may indicate that public housing price growth has peaked and may have slowed. The previous 3% quarterly rise in home prices was unsustainable, as neither average household income nor the local population increased at this rate. The household formation rate measured by the number of marriages has also declined over the past year. Newly started families are the main demand for social housing. HDB Resale Market Outlook The construction industry bottlenecks, bottlenecks, and challenges contributing to the increased demand for HDB resale apartments and the associated rise in HDB resale prices may continue in the North Gaia Floor Plan short term. Therefore, the HDB Resale North Gaia Price Index is projected to continue to rise from the rest of the year until 2022, but will rise at a more sustainable rate. Year-on-year, the index rose 12.3% in the third quarter of 2021. This is the fastest growth rate in the last decade. This year’s public housing price index can be 10-12% higher than in 2020. Private Home Prices Continue to Rise Private Home Price Index The flash estimates of the Private Home Price Index continued to rise 0.9% in the third quarter of 2021 compared to the previous quarter (qoq). After strong quarterly growth of 3.3% in the first three months of this year, price growth returned to more sustainable levels in the second and third quarters of 2021. The rise in private apartment prices during the July-September quarter was driven primarily by real estate prices in the real estate market and the non-real estate segment near the 2.5 city limits. Compared to the previous quarter, we have listed% and 2.2%. In the Core Central Region (CCR) and Outside Central Region (OCR), the price index for undeveloped properties fell slightly by 0.6% and 0.2%, respectively, North Gaia Showflat compared to the previous quarter. Although major housing estates were not opened in the suburbs in the previous quarter, rising real estate prices in the rest of the Central Region (RCR) are driven by rising prices in several housing projects that have already begun. There is a possibility. For example, the median transaction prices for large RCR condominiums such as Normanton Park, Ki Residences in Brookvale, and Avenue South Residences rose in the third quarter of 2021 compared to the second quarter transaction prices. Since these condos were one of the best-selling projects in the third quarter of 2021, their price increases will affect the non-land price RCR price index. According to reported home sales, Pasir Ris 8 at OCR was the best-selling project in the third quarter of 2021. This project has fascinated many people. Media attention when it was released in July 2021. Some may feel that the Pasir Ris 8 unit sells for as high as $ 2,000, but such units were a minority. The median transaction price for Pasir Ris 8 in the third quarter of 2021 was 1,627 psf. Meanwhile, the median new selling price of OCR for undeveloped real estate (excluding EC) was 1,617 psf from July to September 2021, just $ 10 below the median of Pasir Ris 8. Undeveloped CCR Price Index Residential real estate is most of the three market segments in the third quarter of 2021. This may be due to some developers adopting a different strategy than RCR condos. Foreign homebuyers typically contribute significantly to CCR’s housing demand. Within border restrictions, developers of some new luxury condominiums have lowered the price of their projects to attract local buyers and increase sales. For example, the median of Leedon Green, the best-selling CCR project in the third quarter of 2021, was 2% lower in the third quarter of 2021 than in the second quarter of 2021. This also shows that some local buyers were waiting. Buy a prime residential property that is available when the opportunity arises. Outlook Fourth quarter is usually a quiet time, but home prices may continue to rise at the current pace. As a result, the headline price index for private home real estate could exceed the 2.2% rise in home prices in 2020 and end this year with an annual growth rate of 5% to 7%. Real estate prices may rise further in 2022 due in part to cost factors such as rising land and construction costs. As a result, North Gaia Yishun developers need to start new projects at a higher price. This also has an inflationary effect on the price of resale properties.
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