HDB resale transactions rose by 2.9% in the 3Q2023 despite the price drop. They reached 6,592. It could be because more grants were given to first-time buyers of HDB resale apartments, and the delayed launch of the Build-To-Order sales in August, which drove more Singaporeans into the resale sector.

In 3Q2023, 128 flats sold at a minimum of $1 million set a new quarterly record. The previous record for a quarter was 111 units, set in 3Q2022. As 336 million dollar flats were already signed in the first nine month of this year, 2023 is likely to smash 2022’s record of 369 unit sales for the full-year.

Sengkang may be the next city to witness a million dollar flat deal, given that ten apartments have already been sold at least for $900,000. Choa Chu Kang, Jurong West and Sembawang have each only recorded two million-dollar deals.

Bukit Panjang’s first million-dollar apartment transaction was $1.02m for a 1,367 sqft executive apartment at Jelebu Road. Only four towns have not yet recorded a million dollar flat transaction – Sengkang (Chou Chu Kang), Jurong West, and Sembawang.

In the future, interest rates will continue to influence affordability. Many local banks offer HDB loans above 3%. Not everyone is eligible to borrow from HDB at 2.6. As more flats go up for sale, there may also be a shift in demand to the BTO.

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On a year-over-year basis, however, the volume is 9.7% less than 3Q2022, when 7,298 units were sold. Four-room apartments saw a drop in sales from 45.7% to 43.8% from 2Q2023, while five-room apartments dropped from 23,4% to 22,9%.

Interest rates have been higher than expected for a longer period of time, which has affected the affordability of homebuyers.

Geylang recorded the largest drop of 3.6% q-o-q, followed by the Central Area (down 3.4%), Bukit Batok (down 2%) and Sembawang (1.8%). Geylang recorded the largest drop of 3.6% from quarter-to-quarter, followed by Central Area (down 2.8%), Bukit Batok (2%) and Sembawang (1.8%). Bukit Timah, Serangoon and Central Area saw the largest q-o q price increases in 3Q2023. These were 38.1% and 10% respectively.

HDB flat prices have been growing slower in the 3Q2023, indicating a price resistance. On the other hand, the number of million-dollar flats sold in the same period reached a new record. The slower growth in prices for the market as a whole and price drops in some towns last quarter indicate that consumers are resisting further price increases.

Based on HDB data, data.gov.sg, four-room flats have seen the largest growth in resale price, rising 1.8% from $579.740 in 2Q2023, to $589.992 in 3Q2023, based. The executive flats were next, with a 1.2% increase from $827,549 on average to $$837.138.