{"id":134311,"date":"2023-01-30T08:38:49","date_gmt":"2023-01-30T01:38:49","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-price-growth-slows-to-0-4-in-q4-2022-hdb-resale-prices-rise-2-3-in-q4-slowest-growth-in-2022-and-more\/"},"modified":"2023-01-30T16:48:11","modified_gmt":"2023-01-30T09:48:11","slug":"private-home-price-growth-slows-to-0-4-in-q4-2022-hdb-resale-prices-rise-2-3-in-q4-slowest-growth-in-2022-and-more","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-price-growth-slows-to-0-4-in-q4-2022-hdb-resale-prices-rise-2-3-in-q4-slowest-growth-in-2022-and-more\/","title":{"rendered":"Private home price growth slows to 0.4% in Q4 2022, HDB resale prices rise 2.3% in Q4, slowest growth in 2022, and more"},"content":{"rendered":"


\n26th January \u2013 30th January 2023
\nPrivate home prices rose at a slower pace in Q4 2022, rising 0.4% compared\u00a0to the 3.8% hike in Q3 2022. Meanwhile, HDB resale prices logged their slowest quarterly growth for 2022, at 2.3% in Q4 2022.
\n\u00a0
\n1) Private home price growth slows to 0.4% in Q4 2022
\nPrices of private residential properties\u00a0in Singapore grew at a slower pace in the fourth quarter of 2022, rising 0.4% compared with the 3.8% hike registered in Q3 2022, showed Urban Redevelopment Authority (URA) data.
\nFor the whole of 2022, private home prices rose 8.6%, moderating from the 10.6% increase seen in 2021.
\nPropNex Realty CEO Ismail Gafoor attributed the easing of prices to a combination of the cooling measures in September, lack of new launches, depleting unsold inventory as well as the year-end market lull.
\nIn Q4 2022, developers sold 690 private homes, excluding executive condominiums (ECs), down 68.4% from 2,187 transacted in the previous quarter. The figure is the lowest quarterly sales posted since Q4 2008 when 419 units were shifted.
\nFor the entire year, developers moved 7,099 private homes, compared with the 13,027 units in 2021.
\nLooking ahead, Gafoor expects overall private home prices to increase 5% to 6% this year, easing from the 8.6% hike posted in 2022.
\n\u201cWe are not projecting any downward correction in prices at this juncture in view of the pent-up demand as well as the high land cost and rising construction cost faced by developers,\u201d he said.
\n\u00a0
\n2) HDB resale prices rise 2.3% in Q4, the slowest growth in 2022<\/p>\n

Prices of\u00a0resale Housing and Development Board (HDB) flats\u00a0rose 2.3% during the fourth quarter of 2022, compared with 2.6% in the third quarter, showed HDB data.
\nHDB noted that this was also the slowest quarterly growth in 2022.
\nFor the whole of 2022, resale prices also rose at a slower pace of 10.4% versus 12.7% in 2021.
\nAnalysts said price growth moderated due to higher interest rates, price resistance and cooling measures.
\n\u201cThe higher borrowing costs are eating into buyers\u2019 budget and buyers are also baulking at the prospect of paying cash over valuation given that economic conditions have turned cloudy in 2H 2022,\u201d said Huttons Asia.
\nMeanwhile, resale transactions fell 12.6% quarter-on-quarter and 16.9% year-on-year to 6,597 in Q4 2022.
\nFor the whole of 2022, resale transactions dropped 10.1% to 27,896 from 31,017 in 2021.
\nLooking ahead, PropNex Realty Head of Research and Content Wong Siew Ying expects HDB resale price growth to slow between 6% and 8% this year.
\n\u00a0
\n3) Private home rents surge 29.7% in 2022, the highest increase in 15 years
\nRents for private housing in Singapore jumped 29.7% in 2022, its highest annual hike since 2007, when rents soared 41.2%, reported TODAY.
\nHuttons Asia Senior Director of Research Lee Sze Teck attributed the increase in rents to various factors, including the delay in the completion of new homes, continuing hybrid work arrangements and the return of foreign students.
\nThe cooling measures rolled out by the Government in September 2022 may have also led former private property owners to rent while serving their 15-month wait-out period before they could acquire an HDB resale flat.
\nLooking ahead, OrangeTee Senior Vice-president of Research and Analytics Christine Sun, expects rents for private homes to continue to increase \u2013 although not as much as last year \u2013 at 13% to 16% this year.
\nShe explained that the downward pressure on rents will be partly due to the ramped-up housing supply \u2013 with about 19,291 new private housing units, including executive condominiums (ECs), set for completion.
\n\u00a0
\n4) 55% of BTO projects delayed by the pandemic were completed in the last two years<\/p>\n

Over the last two years, HDB completed 52 Build-To-Order (BTO) projects\u00a0or about 55% of the projects delayed by the COVID-19 pandemic, reported CNA.
\n\u201cThis project completion rate exceeds the pre-COVID norms and is in fact the highest for HDB in the past five years,\u201d said HDB CEO Tan Meng Dui, adding that the agency will continue to minimise project delays over the next two years.
\nIn an update released on 28 January, HDB shared that the proportion of delayed BTO projects has been reduced from over 90% in 2021 to about 40% of current ongoing projects.
\nAmong the delayed projects that were completed include Northshore Edge in Punggol as well as three projects which were affected when their contractor ran into financial difficulties \u2013 namely, Senia Heights, Senia Ridges and Sky Vista @ Bukit Batok.
\n\u00a0
\n5) Former school site earmarked for high-rise residential development
\nA former school site in Toa Payoh has been rezoned from educational to residential use, reported The Straits Times.
\nIn a proposed amendment to the URA master plan, the site \u2013 which is about 1.7ha \u2013 was assigned a plot ratio of 5.0.
\nURA said it will house a \u201chigh-density residential development\u201d, adding that future residents will benefit from the proximity of the site to existing transport nodes.
\nLocated at the intersection of Braddel Rise and Toa Payoh, the site was previously partially occupied by First Toa Payoh Primary School before it moved to Lorong 8 Toa Payoh following a merger in 2002.
\nAnalysts expect the site to yield over 850 housing units, depending on whether it is used for a condominium or Housing Board flats.
\nNicholas Mak, Head of Research and Consultancy at ERA Realty, said the site is located near Caldecott MRT station and Braddell MRT station, making it attractive to home buyers and developers.
\n\u00a0
\n6) Homeowners face a double whammy of increasing mortgage rates, higher home prices
\nDeputy Prime Minister Heng Swee Keat has highlighted the challenge facing homeowners of having to contend with a double whammy of rising mortgage rates and higher home prices, despite two rounds of property cooling measures.
\nThe Straits Times reported that the minister warned of a need to guard against a sustained hike in prices which is not backed by income and fundamentals, pointing that property prices remained buoyant even amidst global uncertainties and greater supply.
\nAnd with borrowers facing higher monthly home loan repayments, Heng said there is also a need to pay attention to the significant hikes in mortgage interest rates.
\nFor instance, the three-month SORA \u2013 which is a widely used benchmark for floating mortgage rates \u2013 has increased from 0.2% to 3% in the past year and could further increase over the coming months before stabilising, he said.
\nThe minister made the statement at the annual spring festival celebration of the Real Estate Developers\u2019 Association of Singapore (REDAS).
\n\u00a0
\n7) Government to continue to monitor home prices, borrowing
\nDeputy Prime Minister Heng Swee Keat was speaking at the spring festival celebration of the Real Estate Developers\u2019 Association of Singapore (Redas) on Friday (Jan 27)
\nDeputy Prime Minister Heng Swee Keat said the government will continue to monitor home prices and borrowing even as property price growth and sales volume have moderated over the last quarter, reported The Business Times.
\nSpeaking at REHDA\u2019s annual spring festival celebration, the minister described homeownership as a \u201ckey tenet of our social compact\u201d since 80% of Singaporeans live on their own HDB flats.
\n\u201cOur commitment is for all Singaporean families to own a roof over their heads, but we must enable them to do so in a financially sound and sustainable way,\u201d he said.
\nDuring his speech, the minister also highlighted the need for innovation in the built environment sector to raise productivity and for greater sustainability.
\n\u201cThere is a critical need to pivot to a much-greener environment, which today accounts for 40% of annual global CO2 emissions,\u201d said Heng.
\n\u00a0
\n8) Shophouse sales fall 35.6% in 2H 2022<\/p>\n

Singapore saw shophouse sales decline 35.6% to about $625.2 million in the second half of 2022 from the first half of the same year as the recent surge in interest rates dampened demand, revealed Knight Frank.
\nOn an annual basis, shophouse sales dropped 38.7%.
\nKnight Frank said this is \u201ca stark contrast from the record-breaking performance reported every six months between 1H 2021 and 1H 2022\u201d.
\nIn terms of sales volume, the shophouse market registered 67 transactions in 2H 2022, with freehold shophouses accounting for 80.6% or 54 units.
\nFor the whole of 2022, a total of 187 shophouses changed hands with a combined sales value of $1.6 billion.
\n\u201cAs interest rates surpassed the yield from recurring shophouse income, institutional investors began to shy away from the asset class. However, this leaves the road open to private wealth that is not as dependent on debt financing,\u201d said Knight Frank.
\n\u201cFamily offices and individuals are expected to form the bulk of the purchasers, acquiring in strategic locations, adding value through refurbishment, changing up the tenancy types to trendy occupiers, and increasing rents, as private capital investors believe in the long-term forward-looking appreciation of shophouses in affluent Singapore,\u201d it added.
\n\u00a0
\n9) Six shophouses in Serangoon Road sold for $62.5mil
\nA portfolio of six freehold shophouses located at 322 to 332 Serangoon Road has been sold for $62.5 million, revealed marketing agent PropNex Realty.
\nThis works out to $2,304 per sq ft per plot ratio (psf ppr) based on the potential gross floor area (GFA) of 27,125 sq ft.
\nPropNex noted that the adjoining shophouses occupy a site that is zoned for commercial use under the 2019 Master Plan with a gross plot ratio of 3.0.
\nThe site can be redeveloped into a six-storey commercial building with a GFA of 27,125 sq ft.
\nGiven the site\u2019s commercial zoning, the buyer need not pay Additional Buyer\u2019s Stamp Duty (ABSD) or Seller\u2019s Stamp Duty (SSD).
\n\u00a0
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u202fListings,\u202fProject Reviews\u202fand\u202fGuides.\u00a0
\nFarhan Shafie, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this story, email: farhanshafie@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Private home price growth slows to 0.4% in Q4 2022, HDB resale prices rise 2.3% in Q4, slowest growth in 2022, and more<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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