HDB upgraders have been a dominant force in the property market, over the past few years. As of the past year however, this may be changing – fewer HDB owners have bought private properties in 1H 2022, and the most notable drop was in upgraders buying new non-landed homes. Have prices gotten to the point where HDB upgraders are now simply priced out of new launches? Fewer HDB upgraders in 1H 2022 According to the URA database, around 3,649 private home transactions in 1H 2022 came from buyers with HDB addresses; down significantly from 4,942 transactions in the same period last year. Source The most notable decline, however, came from new launch properties. In 1H 2021, around 2,012 new launch transactions came from buyers with HDB addresses. As of 1H 2022, there were only 975 such transactions. This may be one sign that private home prices are reaching a ceiling; and that HDB upgraders are close to being priced out....