Prices of HDB resale flats, private homes rise at slower pace in third quarter



Prices for HDB resale flats and private residential properties rose at a slower pace in the third quarter of this year, according to flash estimates released by the Housing and Development Board (HDB) and Urban Redevelopment Authority (URA) on Monday (Oct 3).

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Resale HDB prices rose 2.4 per cent in the third quarter, compared with 2.8 per cent in the second quarter.

The resale price index, which provides information on general price movements in the resale public housing market, rose from 163.9 to 167.8, estimates showed.

Analysts said the slower price growth indicates that the housing sector has started to feel the effects of rising interest rates and inflation.

"Price resistance may have set in as the Cash-Over-Valuation (COV) seems to have declined in recent months," said OrangeTee & Tie's senior vice president of research and analytics Christine Sun.

COV refers to the difference between the transacted price and the unit’s official valuation by the HDB, which buyers must pay fully in cash.

HDB resale prices are also expected to moderate in the fourth quarter in the wake of newly announced cooling measures.

"Private property owners will now need to sell off their private property and wait 15 months before they can buy a HDB resale flat," said Mr Lee Sze Teck, senior director of research at Huttons' Asia.