HDB Overview for Q3 2022

HDB resale price growth eased slightly in Q3 2022 amidst a rebound in sales. Despite the uncertain market outlook as rate hikes raises the potential of recession in global economies, sentiment in the HDB resale market remained lively in Q3.

Resale prices rose by 2.4% QOQ in Q3 2022, prices have grown by 27.6% since the start of the pandemic in 2020 Q1.

HDB Resale Market Outlook

The new 15-month wait-out period introduced as part of the latest cooling measures will moderate demand for larger flats, especially flats in prime locations. There may be a period of impasse where would-be buyers are waiting for prices to fall while sellers look to hold on to their asking price. This may play out and cause resale volume to ease slightly perhaps in the next 2 to 3 months, before the market adjusts and finds an equilibrium.

Supported by strong underlying demand, HDB resale prices are not expected to decline significantly; the cooling measures will ensure a more sustainable pace of price growth.