HDB resale prices continued to rise in the latest quarter — but at a much slower pace, marking the lowest quarterly growth since 2020. According to recent flash estimates, the HDB Resale Price Index (RPI) climbed only 0.4% quarter-on-quarter, signalling a significant moderation after years of strong price expansion.

Why Are Prices Growing More Slowly?

Property analysts highlight several factors behind this slowdown:

• More BTO and SBF supply entering the market.
• Higher interest rates affecting borrowing power.
• Price resistance after four years of steep increases.
• Greater buyer caution amid economic uncertainty.

The resale market is experiencing what some describe as a “controlled cooling”, where demand remains healthy but buyers are no longer rushing into aggressive bidding.

Transaction Volume: Still Stable

Despite slower price growth, resale volume remained stable. More than 7,100 resale flats changed hands in the latest quarter — slightly up compared to earlier months.

This suggests that demand for resale flats remains resilient, particularly in mature estates and homes near MRT stations.

Million-Dollar Flats Still Strong

Interestingly, the segment for million-dollar HDB resale flats continues to be active. Many of these record-breaking transactions come from:

• Central Area (e.g., Pinnacle@Duxton)
• Bishan
• Queenstown
• Kallang/Whampoa

These flats continue to attract demand due to size, location, and scarcity — even in a slowing market.

What Does This Mean for Buyers?

• Slower price growth = more negotiation power.
• Less urgency to “buy before prices jump”.
• Better conditions for first-time buyers upgrading from rentals or staying with family.

If you have been waiting for the right moment, the next few quarters may offer more stability and opportunities.

What Does This Mean for Sellers?

• Sellers must be more realistic about asking prices.
• Overpricing will result in slower sales.
• Well-renovated or well-located flats will still move quickly.

In short, it is not a downturn — but a normalisation after several years of exceptional growth.

Outlook for 2025–2026

Analysts expect HDB resale prices to grow between 2% to 3% annually over the next two years, barring any major economic shocks. Higher BTO supply and changing market sentiments will help stabilise prices.

TopBroker Insight

The market is cooling — but not crashing. This is healthy for long-term affordability and gives both buyers and sellers a more balanced environment.

Should You Buy or Sell Now?

The right choice depends on your goals. If you need help analysing your situation, we can give you a clear breakdown based on your financials, timeline, and preferred areas.