Amist the Covid-19 crisis, the HDB resale flat prices for the first three months of this year was flat when comparing against the final quarter of last year.
Resale price index was 131.5 which is similar to the fourth quarter of last year as reported by the latest flash estimates from HDB. Final data with more detailed data on public housing will be released on April 24.
HDB has also announced that they will offer approximately 3,700 build to order (BTO) flats in Tampines, Pasir Ris, Choa Chu Kang and Tengah next month. Thereafter, about 4,100 BTO flats in Geylang, Ang Mo Kio, Bishan, Woodlands and Tampines will be offered in August. Flats in Tampines and Choa Chu Kang will have a shorter waiting time.
As spoken by Chirstine Sun from OrangeTee and Tie’s head of research and consultancy, HDB resale flats are for own stay and not for speculation and thus are less susceptible to volatile swings.
New series of policy changes was announced last year by the government. These include enhancing housing grants for first time buyers and raising the income ceiling for eligible buyers and also allowing buyers to use more monies from their Central Provident Funds to buy HDB flats. But Ms Sun notes that the Covid-19 will negate the positive outcomes from the above policy changes.
She also noted the silver lining in the $48 billion Resilience Budget. This is to help keep unemployment low and the economy running. This will at least help to sustain housing demand and keep flat prices stable for the next few months.