Money has always been a talking point whenever someone mentions buying or selling a house.
What’s interesting is not just how much your home is worth, but also how much its worth has changed.
Well, we’ve done the work, so you don’t have to:
HDB Resale Average Price (median) for 2019Q1
Note: Red represents a price drop from the last quarter (2018Q4); green represents a price increase.
Although news sources have been reporting dips on HDB resale prices over the past year, it’s not a consistent pattern across the board.
Depending on the size of your HDB flat and the district it’s in, the price of your home could have fluctuated in either direction. (A 5-room HDB flat in Geylang is worth $100k more!)
So we compared the median prices of this quarter’s (January to March 2019) HDB resale transactions with that of 2018Q4 (October to December 2018), and here’s what we found:
The biggest price drops
4-bedroom HDB flats in Central: -$181,655
Digging the idea of living in central Singapore? 4-roomers in Central transacted at a median price of $638,934 this quarter, down from $820,589 – nearly a $200k drop within just a quarter of a year.
That’s possibly because most of the flats in the Central district are much older. HDB flats have a 99-year lease, so once they hit a certain age, their value plummets because of lease decay.
Plus, once HDB flats have less than 30 years of lease remaining, buyers can no longer use their CPF (not a cent!) to finance the flat, limiting the pool of buyers and possibly forcing prices down.
Ang Mo Kio: decrease in price of all flat sizes
And they’re mostly rather big drops as well.
Median prices of 3-room flats in Ang Mo Kio dropped from $287,027 to $283,462, 4-room flats dropped from $470,570 to $430,455, 5-room flats dropped from $713,050 to $679,200, and executive flats dropped from $847,667 to $791,444.
The biggest price increases
Punggol: increase in price of all flat sizes
Median prices of 3-room flats in Punggol went from $343,590 to $353,876, 4-room flats from $454,337 to $461,918, 5-room flats from $494,388 to $524,871, and executive flats from $550,833 to $560,000.
Price drops are most drastic than price increases
Even where price increases are reflected, they’re mostly just tiny movements.
For instance, prices of 3 to 5-room HDB flats in Jurong West moved from $249,359 to $249,806, $356,987 to $357,503, and $429,853 to $430,305 respectively. Not much action there.
HDB prices in your dream neighborhood
Now, you’re all ready to find resale HDB flats in your dream district on Carousell – at the right price, now that you know!