2023 was still a disappointing year for many home buyers, when $2,000+ psf became a norm for new launches, and HDB upgraders saw themselves increasingly priced out of the private segment. In hindsight, we can see that even the meteoric rise in resale flat prices did little to bridge the gap to the private segment. But this isn’t necessarily true in every neighbourhood; and on the opposite side, sellers may be celebrating. Here’s a look at how prices moved in different parts of the country from 2022 to 2023:
Overall price movements from 2022 to 2023
| Year |
Average psf |
% Increase |
| 2022 |
$1,712 |
|
| 2023 |
$1,873 |
9.37% |
| Year |
Average psf |
% Increase |
| 2022 |
$1,454 |
– |
| 2023 |
$1,563 |
7.52% |
Resale properties saw a lower price increase over 2023, but some realtors have speculated that the resale segment will see more demand in the near future. This is largely due to new launch family-sized units (i.e., three-bedders at around 1,000 sq. ft.) reaching a quantum of around $2 million.
Coupled with rising interest rates and usual restrictions like the TDSR, this could drive...
