. While the latest tranche this year was firmly aimed at the private housing market by raising additional buyer’s stamp duty , measures in the previous two sets targeted the public housing market.
In September last year, the government imposed cooling measures aimed at HDB resale transactions, with tighter lending limits and a 15-month wait for private property owners who want to switch to public housing. Analysing sales volume and prices in the two quarters before and after cooling measures were imposed, Prof Qian found that HDB quarterly resale transactions fell by 6.3 per cent after the cooling measures in 2021, but prices rose by 2.6 per cent over the same period.
During the COVID-19 pandemic, interest rates stayed low. Floating interest rates – most of which are pegged to the Singapore Overnight Rate Average – mostly stayed below 1 per cent. Analysts also pointed to an increase in CPF Housing Grant amounts for eligible resale flat buyers as potentially pushing up demand. Ms Christine Sun of OrangeTee & Tie called this a “confounding factor”.
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