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Private home prices rose 0.5% in 3Q2017 after 15 quarters of decline

Posted by Property Launch Invest on Monday, 02 October 2017 in Property News

Based on flash estimates released by URA on Oct 2, the private residential property index rose by 0.7 point to 137.3 points in 3Q2017, from 136.6 points in 2Q2017. This translates into a 0.5% q-o-q increase, compared to a 0.1% decline in 2Q2017.

This marks the first increase in property prices q-o-q since prices last peaked in 4Q2013. Prices of non-landed private residential properties in the Core Central Region (CCR) and in the Outside Central Region (OCR) rose by 0.2% and 0.7%, after registering a 0.5% and 0.3% decline respectively in 2Q2017. Prices of non-landed private residential properties in the Rest of Central Region (RCR) remained unchanged from 2Q2017. Landed property prices increased by 1% q-o-q, compared to a 0.3% decline in 2Q2017.

Ong Teck Hui, national director, research and consultancy at JLL says, “As more buyers flocked back to the market anticipating its bottoming, many sellers have stiffened or increased their asking prices. However, the 0.5% increase in the overall index is modest, reflecting realistic upward price adjustments in keeping with the pace in demand recovery.”

In addition, Ong sees a “strong rebound in demand for landed properties as buyers seek capitalise on attractive prices”. He forecasts that the overall index will increase by 0.5 to 1% for the whole of 2017, and 3 to 5% in 2018, assuming that cooling measures remain in place and barring unforeseen external events that tamper recovery.

Based on HDB’s flash estimate released on Oct 2, the HDB resale price index saw a 0.6% decline q-o-q, to 132.9 from 133.7 in 2Q2017. This is a steeper decline compared to the 0.1% in 2Q2017.

HDB also announced that 4,800 Build-To-Order (BTO) flats in Geylang, Punggol, Sengkang and Tampines will be offered in the November 2017 BTO exercise. This will bring the total BTO flat supply for 2017 to about 17,500 units.

Source: The Edge 2nd October 2017

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Private home prices rose 0.5% in 3Q2017 after 15 quarters of decline

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