The Singapore property market is always buzzing, and Q3 2024 was no exception! This quarter, we saw some twists and turns that kept everyone—from investors to homebuyers—on their toes. Let’s dive into the highlights and uncover what’s shaping the market.
Private Home Prices Take a Breather
- After five quarters of steady climbs, private home prices finally cooled off, dipping by 1.1% quarter-on-quarter (QOQ).
- But don’t fret—prices still managed to grow by 1.1% in the first nine months of 2024. It’s just a slower pace compared to last year’s 3.9% rise.
Landed Homes: A Rollercoaster Ride
- Prices tumbled 3.8% QOQ, with fewer transactions (477, down from 523 in Q2).
- Detached homes took the biggest hit, dropping 3.5% to $1,693 psf. Terrace and semi-detached houses weren’t spared either, falling 3.2% and 1.7% respectively.
- But here’s the twist—Good Class Bungalows (GCBs) shined, racking up nearly $259 million in deals, their best quarter since Q3 2022!
Non-Landed Homes: Mixed Signals
- Prices dipped slightly by 0.3% QOQ, though they’ve crept up by 1.3% this year.
- The Core Central Region (CCR) faced a 1.5% decline, but the Rest of Central Region (RCR) held its ground with a modest 0.2% uptick. Meanwhile, the Outside Central Region (OCR) saw a tiny 0.1 slip.
Sales: Resale Still Rules, But New Launches Spark Excitement
- Developers sold a whopping 1,181 new private homes in Q3—a massive leap from Q2’s 725 units.
- Kassia in the OCR was the star of the show, selling 164 units at an average price of $2,017 psf.
- The resale market slowed a bit, with 3,535 units changing hands (a 7% drop), thanks to the Ghost Month and high interest rates.
Rental Market: Softer, But Still Active
- Rents eased by 0.8% QOQ, continuing the trend from Q1.
- Median rents in August were $4.89 psf per month, down from the April 2023 peak.
- Still, leasing activity hummed along with 18,283 contracts signed, totaling $100.3 million in value.
HDB Resale Market: The Gift That Keeps on Giving
- HDB resale prices climbed 2.5% QOQ, notching their 18th consecutive quarterly gain.
- Million-dollar flats hit a new record, with 331 sold in Q3—that’s a 40% jump from Q2!
- PropNex predicts overall HDB resale prices will rise by 8%-9% this year, with up to 29,500 units sold.
What’s Next? Big Things for Q4
- Expect a surge of nearly 2,900 units from exciting new launches like Meyer Blue, Nava Grove, and The Chuan Park.
- New private home sales are projected to hit 5,000-5,500 units for 2024.
- Private home prices might rise another 2.5%-3%, though at a slower pace compared to last year’s 6.8%.
Singapore’s property market in Q3 2024 was anything but dull, with surprises, shifts, and opportunities for everyone. As we move into Q4, the stage is set for more action—stay tuned!
Credit – This summary is based on data and insights from PropNex Research, URA Realis, and HDB. Flash estimates from the Urban Redevelopment Authority (URA) and Housing and Development Board (HDB) were used to provide key insights.
Disclaimer – While every effort has been made to ensure the accuracy of this summary, it is intended for general reference and educational purposes only. It does not constitute investment, regulatory, or legal advice. Readers are advised to make decisions based on their own due diligence.
