HDB resale prices rise; 5-room PinnacleDuxton flat sold for $1.34m
ERA Realty head of research and consultancy Nicholas Mak said buyers who were hoping for prices to fall after the property curbs had observed that prices were not contracting, and returned to the market before further increases.
“Given the fluctuating interest rates , home buyers may have wanted to take advantage of HDB’s concessionary interest rate of 2.6 per cent before there are any potential changes, as it is reviewed on a quarterly basis,” he said. “The strong home sales and faster pace of price growth came as a surprise since inflationary pressures and interest rates remain high, and there were other factors like the Chinese New Year festivities and cooling measures,” she said.Some HDB owners hoping to upgrade to a private property may have turned to the HDB resale market instead - as private home prices have been rising - pushing prices up, Ms Sun added.
The number of million-dollar HDB flats sold comprises 1.6 per cent of the total resale volume in January.
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