HDB resale prices have risen for the first time signalling the beginning of a price rebounce in the last quarter of 2015. According to the HDB statistics yesterday (Jan 4), the Resale Price Index rose 0.2% to 134.9 for Q4 2015, based on the index as at Q1 of 2009; this also means resale pricing is 34.9% more expensive than pricing at the Q1 of 2009.
The overall yearly decline for HDB Resale prices in 2015 is just 1.5%, a modest drop compared to 2014’s -6.2%. Property agencies are upbeat about the market in 2016, with Propnex Realty boss stating the market is “recuperating” and he expects transactions to exceed 20,000 for 2016.
With the rebound in property pricing, it appears Singapore doesn’t need to remove the cooling measures at the moment. Current HDB resale prices remain unaffordable for the masses with people turning to BTO launches. In the recent survey on housing affordability conducted by UBS, Singapore ranked 4th in the world for having the most expensive housing.