If you’re looking to buy an HDB resale flat, you’re probably looking at HDB transactions and pricing trends across different estates and flat types so that you get a better sense of the price you can expect to pay.
With HDB resale prices increasing for the 24th straight month in June 2022 and rising again for the ninth straight quarter (Q2 2022 HDB Public Housing Data statistics), it’s clear how expensive HDB resale flats are nowadays. Not to mention, those darn million-dollar HDB flats that keep making headlines!
In this guide, we take a look at HDB resale flat prices and how they compare to HDB BTO flat prices. So, if you want to buy a flat in the coming quarter, here’s how much you can expect to pay, using the latest Q2 2022 HDB data as an estimate.
Why Buy an HDB Resale Flat?
HDB resale flats are a good option for those who don’t want to ballot or wait for a BTO flat. Firstly, there’s also no guarantee that balloting for an HDB BTO flat will guarantee you a unit in the estate.
Thus, HDB resale flats are a good option if you don’t want to waste time waiting or renting. Although you don’t get the full 99-year lease, a freshly MOP-ed HDB resale unit is a suitable alternative. However, do consider if the price you’re paying is worth it based on the remaining years left on the lease.
With HDB resale flats, you can also collect the keys as soon as the transaction is completed (assuming it is not tenanted and the owner did not ask for any extension of stay). This means you can start your renovation in a jiffy and quickly move in.
If you’re not fussy about the interior design of your home, you may even save money on renovation costs since the first owner would already have done up the place. If you have a specific theme, however, a BTO flat (i.e. a ‘blank canvas’) may be better because hacking walls and removing existing structures from a resale unit can be expensive.
HDB Resale Flat Price 2022: How Much Do HDB Resale Flats Cost in Singapore
Here’s an overview of the HDB resale flat prices in Singapore by estate for Q2 2022, based on the 4-room units, the most popular HDB flat type:
About the HDB Resale Price Index Portal
If you’re shopping around for an HDB resale flat and you’re not sure how much you should pay for a unit in your chosen estate, one handy tool is the HDB resale price index portal.
Search by HDB town, flat type and resale registration date, plus you can even drill down into finer details such as street name, block number and even the range of the transacted resale prices.
Quickly check the transacted prices for resale flats within the past 2 years, based on registered resale applications. The HDB resale price index portal is also updated daily.
After setting your budget, you browse available HDB resale flat listings on PropertyGuru. It’s easy to search by the estate, number of bedrooms, price and more.
Have There Been Changes to the Resale Market Since the COVID-19 Outbreak?
Yes, but probably not the way you think. In the earlier days of the pandemic, many assumed resale flat prices would drop since physical house viewings were not permitted during Singapore’s circuit breaker period and Phase Two (Heightened Alert).
However, HDB resale flat prices have been on the uptick and there was no panic selling of flats. In fact, the fresh rounds of BTO construction delays pushed more into the HDB resale market as those affected by long completion times chose to cancel their BTO flat application. Others who were unwilling to wait for a BTO flat turned to the resale market.
Additionally, work from home changed the way we buy homes. People are looking toward resale units due to their desire for bigger and more spacious homes. In the past year, an influx of HDB upgraders entered the market as their homes fulfilled the 5-year Minimum Occupation Period (MOP). Flush with cash, they either go for new launch condos or larger HDB flats, fuelling demand.
If you’ve been following the news, you know these factors contributed to why HDB resale flat prices are currently at a high.
Want more property-related insights? Check out the PropertyGuru Singapore Property Market Report Q2 2022 – Powered by PropertyGuru DataSense.
HDB Resale vs BTO Prices in Singapore
Here’s a quick look at some of the grants available to HDB resale and BTO flat buyers:
That’s quite a lot of available HDB resale grants for potential resale flat buyers. Actually, more than what is available for an HDB BTO flat buyer if you fulfil more than one criteria. Of course, all grants come with their individual terms and conditions so head to the HDB website for more information.
*Aside from the EHG (Singles) grant, singles buying an HDB resale flat can get up to $15,000 for the Proximity Housing Grant.
Let’s also take a look at the prices for the recent May 2022 HDB BTO launches for 4-room launches:
Based on the latest HDB resale flat prices and BTO prices, the former is typically pricier. This is expected as BTOs are considered to be subsidised, whereas you buy resale flats on the open market.
Let’s take the recent Yishun (non-mature) and Toa Payoh (mature) launches as examples. Prices for a 4-room HDB BTO flat in Yishun start at $328,000, while the Q2 median price for a 4-room HDB resale flat in Yishun is $470,000. That’s a 43.3% price increase.
For Toa Payoh, prices for a 4-room HDB BTO flat there start at $420,000, while the Q2 median price for a 4-room HDB resale flat is $700,900, a 66.9% increase.
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