Beyond looking at the size of the fall in prices, the Government is likely to be monitoring other barometers such as mortgagee sales and rising interest rates.The market is not showing signs of distress, which could otherwise spur the Government to take action.
Unless macro-economic conditions worsen, cooling measures are likely to stay for now
Some stakeholders have renewed their calls for property cooling measures to be relaxed, especially now that the general election is over and a new Cabinet will be unveiled soon.
These measures - introduced over eight rounds from 2009 to 2013 - have sent transaction levels plunging, with knock-on effects on industries from construction to banking and legal services.
While real estate firms and those in sectors affected by the slowdown would welcome some easing, potential buyers may feel that prices have not fallen enough.