Private Residential Property Q3 2021<\/strong><\/p>

Overview<\/em><\/span>
Private Residential Prices achieved new peaks
in 3Q2021 and sold more units in the resale and
new home sale market despite the tighter
COVID-19 restrictions under the second Phase 2
Heightened Alert (P2HA) in July and August. The
growth in prices is as expected with the strong
demand for resale homes and suburban new
homes in the quarter. The private resale market
resold more than 5,300 homes, a 10-year record
high for homes sold in the quarter.
Market observations suggest that buyers\u2019 confidence remains generally intact, buoyed by the
economic recovery, low interest rate environment and excess liquidity in the market.<\/p>

Private Residential Market Outlook<\/strong>
PropNex expects private home values to
climb by 6% to 7% for the full year of 2021. The
healthy demand for homes as well as the
diminishing unsold stock will support home
prices. As of Q3 2021, there were 17,140 unsold
units (ex. ECs)
Barring any new cooling measures, PropNex
projects close to 13,000 new private homes
and more than 19,000 resale units to be
transacted in the full-year of 2021<\/p>

HDB Resale Q3 2021<\/strong>
Overview<\/em><\/span>
The HDB resale market sold more than 8,400
units in Q3 2021, one of the highest quarterly
resale transaction volume recorded over the
past 10 years. At the same time, HDB resale
prices continued to climb in Q3 2021, achieving a
double-digit year-on-year growth. The positive
economic outlook, delays in the completion of
new Build-to-Order flats, and generous resale
housing grants for first-time buyers contributed
to the buoyant resale market.<\/p>

HDB Resale Market Outlook<\/strong>
With the construction industry struggling to find its
footing and the extended waiting times for BTO
flats, demand for HDB resale homes will likely
remain robust at the levels seen in Q3 2021. For the
first nine months of 2021, 23,077 resale flats were
sold and overall resale prices have climbed by
8.9%. PropNex expects that resale volume could
exceed 30,000 flats and that resale prices are likely
to increase by 11% to 12% for the whole of 2021.<\/p>

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