Recently, I was chatting with a buyer over coffee.
In the middle of discussing budgets and locations, he suddenly asked me something that many people are quietly wondering too.
“Rachel… old HDB still can go up in price meh?”
It’s a very fair question.
There’s a common belief that once an HDB flat becomes “old”, the price not go as high as new flats.
My answer to him was simple:
Yes — but not every old HDB.
Prices Move Because of Demand
In property, prices don’t move simply because something is new or old.
They move because there are buyers who still want it.
And from what I’ve observed after bringing many buyers around for viewings, most of them don’t walk into a flat and immediately ask:
“How old is this place?”
Instead, the first things they usually notice are much more practical:
“Wah the living room quite big.” “MRT how far ah?” “Kitchen can cook properly or not?”
Buyers tend to care more about things like:
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Location
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Space
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The price they can afford
rather than whether the flat is considered “young”.
That’s why even today, we still see demand for older flats in mature estates like Toa Payoh, Ang Mo Kio, Bedok or Queenstown.
Many of these flats are already 30 to 40 years old, yet buyers still actively look for them.
Sometimes Older Flats Simply Solve a Real Need
Older HDB flats often come with things that newer flats struggle to match.
For example:
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Larger floor areas
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More spacious layouts
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Established neighbourhood amenities
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Transport connectivity that is already fully developed
For some families, these practical factors matter more than the age of the property.
A young couple planning for children may prioritise more living space.
Some buyers want to stay close to their parents.
Others simply prefer mature estates because everything they need is already nearby.
When a property solves a real housing need, demand tends to follow.
I Sometimes Explain It Using a Very Singaporean Example
Think about hawker food.
Hawker stalls are old-school.
In fact, we’re slowly seeing fewer of them as the years go by.
But some hawker stalls still have long queues every day.
Why?
Because they are familiar, nostalgic, and affordable.
Not every stall has demand, but the good ones still attract customers.
Older HDB flats can behave in a similar way.
They may not be new, but if they offer the right combination of location, space and affordability, buyers will still show up.
But There Is a Reality Check
This doesn’t mean every older HDB flat will keep increasing in price forever.
Older flats typically face a few realities over time:
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Price growth tends to be slower
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Prices eventually hit a ceiling
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Selling can become harder when the remaining lease gets significantly shorter
As the lease runs down, financing limitations and buyer sentiment can start to affect demand.
This is why exit strategy becomes very important when buying older properties.
The Question I Usually Ask Buyers
When someone asks me whether an old HDB can still go up in price, I usually flip the question slightly.
Instead of asking:
“Can this property increase in value?”
I ask them to think about something else first.
“Who is going to buy from you next?”
If the property continues to appeal to future buyers — because of its location, size, or affordability — then there will likely still be demand.
But if those factors weaken over time, exiting the property may become more challenging.
Buying a home is a big decision.
But sometimes the best way to approach it is simply thinking one step ahead.
Not just:
“Do I like this home?”
But also:
“Will the next buyer like it too?”
Rachel, 9233 6690
