{"id":131286,"date":"2022-10-31T09:17:38","date_gmt":"2022-10-31T02:17:38","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-rents-rise-at-a-faster-pace-in-q3-hdb-resale-price-growth-moderates-in-q3-and-more\/"},"modified":"2022-10-31T17:20:24","modified_gmt":"2022-10-31T10:20:24","slug":"private-home-prices-rents-rise-at-a-faster-pace-in-q3-hdb-resale-price-growth-moderates-in-q3-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-rents-rise-at-a-faster-pace-in-q3-hdb-resale-price-growth-moderates-in-q3-and-more\/","title":{"rendered":"Private home prices, rents rise at a faster pace in Q3, HDB resale price growth moderates in Q3 and more"},"content":{"rendered":"


\nPrivate home prices, rents rise at a faster pace in Q3, HDB resale price growth moderates in Q3 and more25th\u00a0October\u00a0to 31st\u00a0October 2022
\nPrivate home prices in Singapore increased by 3.8% in the third quarter of 2022, up from the 3.5% hike registered in the previous quarter. Meanwhile, prices of Housing and Development Board (HDB) resale flats rose 2.6% in the third quarter of 2022, moderating from the 2.8% increase in the previous quarter.
\n\u00a0
\n1) Private home prices and rents rise at a faster pace in Q3<\/p>\n

Private home prices in Singapore increased by 3.8% in the third quarter of 2022, up from the 3.5% hike registered in the previous quarter, showed Urban Redevelopment Authority (URA) data.
\nLee Sze Teck, Senior Director of Research at Huttons, said the price growth was the \u201cfastest since Q4 2021 and is largely driven by the Outside Central Region (OCR) where prices accelerated to 7.5% from 2.1% in Q2 2022\u201d.
\nFor the first nine months of the year, private home prices expanded by 8.2%.
\nWith this, Leonard Tay, Head of Research at Knight Frank, expects prices to increase by over 10% by end-2022 despite the challenges brought about by the rising\u00a0interest rates and cooling measures.
\nMeanwhile, rents for private homes also increased by 8.6% in Q3 2022, faster than the 6.7% hike seen in the previous quarter.
\nFrom January to September, rents jumped 20.8%, said Tay.
\nHe attributed the increase in leasing demand to the re-opening of borders and new policies aimed at attracting professional talent and locals in search of replacement homes.
\n\u00a0
\n2) HDB resale price growth moderates in Q3<\/p>\n

Prices of HDB resale flats rose 2.6% in the third quarter of 2022, moderating from the 2.8% increase in the previous quarter, showed HDB data.
\nChristine Sun, OrangeTee and Tie\u2019s Senior Vice-President of Research and Analytics, said the slower price growth indicates that the rising interest rates and inflation is starting to take a toll on the housing sector, reported CNA.
\nMeanwhile, Mohan Sandrasegeran, One Global Group\u2019s Senior Analyst for Research and Content Creation, attributed the continued hike in resale prices to the \u201csteadfast demand for HDB resale flats and unrelenting interest in million-dollar deals, both of which fuelled overall resale price growth\u201d.
\nNotably, resale flat transactions rose 10.7% to 7,546 flats in Q3 2022.
\nLooking ahead, analysts expect HDB resale price growth to ease in Q4 2022 as the effects of the latest cooling measures, which include a lower loan-to-value limit for HDB loans, kick in.
\n\u00a0\u201cPrices are likely to moderate further to 1% to 2% in the fourth quarter, giving rise to a full-year price gain of not more than 10%,\u201d said Lee Sze Teck, senior director of research at Huttons.
\n\u00a0
\n3) Tenants brace for the worst amid rental hikes<\/p>\n

With rents for both public and private housing hitting all-time highs, tenants are bracing themselves for the worst \u2013 that is, go look for a new place or pay a higher price, reported TODAY.
\n\u201cIt would be nice to stay but it really depends on the price,\u201d said Mr Sanjay, who is renting a condominium in Novena with the lease set to expire in mid-2023.
\n\u201cI guess that is to be expected with renting, and I think anyone renting has to be prepared to move.\u201d
\nRents for private homes rose 8.6% in Q3 2022, while rents for HDB flats jumped 20.9% during the first nine months of 2022.
\nMeanwhile, landlords said the rental hike is good for them given the rising interest rates.
\n\u201cI think it\u2019s good news for me as a landlord. I feel bad for tenants but I think everybody has to cope with rising interest rates,\u201d said Ben Wang, who is renting out a condominium unit at Grandeur Park Residences in Tanah Merah.
\n\u00a0
\n4) 240 community care HDB flats to be launched in Queenstown in November
\nAbout 240 community care apartments in Queenstown will be offered as part of November\u2019s Build-to-Order (BTO) exercise, reported CNA.
\nAimed at better supporting seniors to independently age within the community, the assisted living flats will feature senior-friendly housing with care services which can be scaled based on an individual\u2019s needs.
\nThis will be the second of its kind, with the first such project launched in Bukit Batok in February 2021.
\nThe upcoming community care apartment flats in Queenstown will form part of the Queensway Canopy BTO development, which also consists of three- and four-room flats.
\n\u201cThis deliberate integration is to encourage and promote intergenerational bonding as well as foster inclusivity and community interaction,\u201d said HDB, Ministry of National Development (MND) and Ministry of Health (MOH) in a joint factsheet.
\nSituated at Queen\u2019s Crescent, Queensway Canopy is located within the Health District @ Queenstown. It is also near Alexandra Hospital, enabling medical and healthcare services to be incorporated into the residents\u2019 care services.
\nRelated article:\u00a0HDB BTO November 2022: The 4 Announced Estates and Where We Hope the BTOs Will Be
\n\u00a0
\n5) Former Bedok South Secondary School to make way for housing
\nThe former campus of Bedok South Secondary School at 860 New Upper Changi Road is set to be demolished in Q1 2023 to make way for housing, reported The Straits Times. Source: Facebook\/Bedok South Secondary School
\nDemolition works at the 1.6-ha site are expected to take around five months, after which it will be turned over to the Singapore Land Authority, said a Ministry of Education spokesman.
\nHDB will then take over the site which has been zoned \u201cResidential\u201d with a gross plot ratio of 3.5. HDB said it will reveal more details on its plans for the site once they are finalised.
\nProperty analysts expect the site to yield about 500 to 600 housing units, based on its plot ratio and size.
\nNicholas Mak, Head of Research and Consultancy at ERA Realty, believes the site would more likely be used for public housing than private housing, since no BTO\u00a0project has been launched within Bedok since November 2016.
\n\u00a0
\n6) Auction listings up 11% in Q3, owner sale listings surge 46.8%
\nAuction listings in Singapore increased 11% quarter-on-quarter to 131 in the third quarter of 2022, with owner sale listings surging 46.8% quarter-on-quarter to 91, revealed Knight Frank.
\nThe growth in owner sale listings was evident across all property segments \u2013 residential listings climbed to 30 in Q3 from 22 in Q2, while industrial listings grew to 20 from 30. Retail also hiked to six from one, while shophouse listings expanded to 31 from 19.
\nMortgagee sale listings, on the other hand, dropped 44% quarter-on-quarter to 28.
\n\u201cDespite the current climate of uncertainty, mortgagee sale listings have fallen, partly due to the encouraging conversion rate at auctions,\u201d said Knight Frank.
\n\u00a0\u201cIn addition, as property prices in most sectors remain on the rise, there is less urgency for most banks to commence foreclosure proceedings.\u201d
\nIn Q3 2022, success rates continued to be positive at 6.9%, with the gross sales value at $18.9 million.
\n\u00a0
\n7) Housing affordability to worsen amid hike in interest rates, property prices
\nMoody\u2019s Investors Services expects housing affordability in Singapore to worsen over the next 12 months, on the back of rising interest rates and property prices, reported Singapore Business Review.
\n\u201cWorsening housing affordability is credit negative for Singapore covered bonds because it will increase risks for new mortgages in covered bond pools,\u201d said the rating agency.
\nIt noted that first-time private home buyers\u00a0needed 19.4% of their average monthly disposable income in August to meet their mortgage repayments on new loans. This is an increase from December 2021\u2019s 17.3%.
\nMoody\u2019s believes this will affect housing affordability in Singapore as the gradual income gains of households may not be enough to offset the increases in property prices and interest rates.
\nNotably, it expects mortgage interest rates within the city-state to \u201ccontinue to rise significantly through the middle of next year\u201d.
\nThis comes as central banks within advanced economies are expected to aggressively tighten their monetary policy to ease inflation.
\nMoreover, property prices are anticipated to continue on an upward trend, albeit gradually, over the next 12 months.
\n\u00a0
\n8) Young couples delay housing plans amid property curbs<\/p>\n

Young couples in Singapore have been delaying their plans to acquire a home, after the new\u00a0property cooling measures kicked in on 30 September 2022, reported The Straits Times.
\nUnder the new measures, the loan-to-value (LTV) limit for HDB loans has been tightened from 85% to 80%, which means buyers have to shell out a 20% down payment, up from 15% previously.
\n\u201cThe market is already very competitive, and we were hoping to get a home in Queenstown near my parents, even if we have to get an older flat,\u201d said Charlene Teo.
\nThe 25-year-old account manager and her fianc\u00e9 have been on the lookout for a four-room resale flat in Queenstown.
\n\u201cBut now, we may have to delay our plans due to the higher down payment.\u201d
\nAnother buyer, who wanted to be identified only as Joanne, described the 20% down payment as a \u201cpretty huge deal\u201d since she is searching for a five-room flat in Marymount or Toa Payoh with her husband.
\n\u201cWe\u2019ve been looking since March, but many homes there are asking for more than $1 million. We\u2019ve actually readjusted our budget a few times, but the prices were increasing faster,\u201d shared Joanne.
\n\u00a0
\n9) Shophouse sales volume down 44.4% in Q3
\nThe shophouse market saw sales volume decline 44.4% year-on-year to 35 transactions in the third quarter of 2022, revealed ERA Singapore.
\nThe decline comes after shophouse sales hit their peak in Q2 2021, with 74 deals.
\nShophouse sales value for Q3 2022 stood at $339.1 million, down 31.4% from the $494 million posted in the preceding quarter.
\nWhile the median transacted price for shophouses fell 3.2% quarter-on-quarter to $4,434 per sq ft (psf) in Q3 2022, it still posted a year-on-year hike of 40%.
\nMeanwhile, median monthly rents for shophouses increased 2.7% quarter-on-quarter and 15.3% year-on-year to $5.65 psf in Q3 2022.
\n\u201cThe shophouse rental transaction volume has also increased steadily since mid-2020. In Q3 2022, it rose 6.8% quarter-on-quarter to $8.88 million for the July to September period,\u201d said ERA.
\n\u201cThis translate to an average of $9,820 per leasing transaction,\u201d it added.
\n\u00a0
\n10) Office rents in Singapore\u2019s central region climb 2.1% in Q3
\nOffice rents within Singapore\u2019s central region increased 2.1% quarter-on-quarter during the third quarter of 2022, a slower pace of growth compared to the previous quarter\u2019s 2.4% quarter-on-quarter hike.
\nThis brings the total increase in URA\u2019s rental index for office space within the central region to 6.3% during the first three quarters of 2022, reported The Business Times.
\nIn Q3 2022, islandwide net office demand rose by 258,334 sq ft of net lettable area (NLA), similar to that seen in Q2 2022.
\nWith this, total net demand during the first nine months of this year is positive at 376,737 sq ft, reversing the negative demand posted for the whole of 2021 at 613,542 sq ft.
\nThe islandwide stock of office space declined by 21,528 sq ft of NLA, while the islandwide vacancy rate dipped to 11.7% at end-Q3 2022, from 12% at end-Q2 2022.
\n\u00a0
\n11) Hill House launches in District 9, offering VIP buyers NFT digital art
\nSet to launch in the heart of District 9, Hill House is a collection of 72 homes perched on 11 Institution Hill.
\nIncorporating a nature-wellness theme, the development will feature facilities such as a modern rainforest and floral gardens.
\nThe\u00a0upcoming\u00a0project, which overlooks Orchard Road, is a joint venture between developers Macly Group, Roxy-Pacific Holdings Pte Ltd, and LWH Holdings Pte Ltd. The show flat is set to open on 5 November 2022.
\nHill House is also offering eight buyers NFT Digital Plants (digital art in the form of non-fungible tokens) during its VIP Preview Sales day, which is the result of a collaboration with NFT artist Serial Co. The date of the event is yet to be confirmed at press time.
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nFarhan Shafie, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: farhanshafie@propertyguru.com.sg.
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private home prices, rents rise at a faster pace in Q3, HDB resale price growth moderates in Q3 and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Private home prices, rents rise at a faster pace in Q3, HDB resale price growth...<\/p>\n","protected":false},"author":1,"featured_media":131287,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-131286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2022\/10\/private-homes.jpg?fit=820%2C410&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-y9w","jetpack-related-posts":[{"id":111882,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-hdb-resale-prices-up-in-q3-2019\/","url_meta":{"origin":131286,"position":0},"title":"Private home prices, HDB resale prices up in Q3 2019","date":"October 25, 2019","format":false,"excerpt":"\r Meanwhile, buyer demand for\u00a0HDB resale flats has remained surprisingly resilient, with 6,264 resale flats changing hands, which is almost on par with the 6,276 units transacted in Q2 2019. 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