Also buoying resale prices are resilient household balance sheets, a tight labour market and wage growth despite higher living costs and rising mortgage rates, OrangeTee and Tie’s senior vice-president of research and analytics Christine Sun pointed out.
But with more than 18,200 private condo units due for completion in 2023, HDB upgraders who are taking possession of those are likely to offload their flats first to avoid paying the additional buyer’s stamp duty , adding to resale flat stock, ERA Realty’s head of research and consultancy Nicholas Mak said.
Rentals in the HDB leasing market have jumped on strong demand for short-term housing amid the tight private and public housing markets, said Ms Chia Siew Chuin, head of residential research at JLL Singapore.