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This short article takes a peek at the some of the latest property price trends in Singapore.

Most indicators suggest that prices continue to head north.

The quarterly price index published by the Urban Redevelopment Authority (URA), showed that prices of private homes rose by 0.6 percent within the third quarter of 2012; whereas the cost increase was only 0.4 percent within the second quarter of 2012.

A similar upward trend was spotted in the National University of Singapore (NUS) Singapore Residential Price Index (SRPI), produced by the Institution of Real Estate Studies. Unlike the cost index of URA, SRPI is a monthly index that only looks at the price movements of private non-landed homes. The URA price index, however, covers different types of properties. Specifically, for private non-landed residential properties, the URA index shows a cost increase of 0.5 per cent for two consecutive quarters (ie. 2Q2012 and 3Q2012). SRPI reflected a 0.6 per cent increase for September 2012.

[http://merlinsnetwork.bz/index.php?p=blogs/viewstory/903 Singapore property] 

Meanwhile for Singapore's public housing landscape, the HDB Resale Price Index showed a steady increase in HDB resale prices from the first quarter of the year; with numbers standing at 0.6, 1.3 and 2 per cent for that first, second and third quarters, respectively

Based on a study by a NUS don, Assoc Prof Tilak Abeysinghe, Singapore's real estate prices happen to be rising above the affordable degree of a 4 percent increase annually. The dpi is arrived at based on the lifetime incomes of Singaporeans.

"The actual median cost of both private and HDB units has risen by about 11 per cent a year since that time [sic mid-2006], higher than the popularity price increase of approximately 8 per cent annually." ("Inflated Housing Prices Should Ease")

The continual rise in real estate prices, along with quantitative easing policies in the US, Japan and Europe, have prompted the Governments in Singapore, Malaysia and Hong Kong to implement cooling measures to avoid property buyers from over-stretching themselves. For Singapore, on 6 October, the Monetary Authority of Singapore (Singapore's central bank) announced a cut in the loan-to value ratio (LTV), for loan tenure that exceeds 3 decades or extends beyond the chronilogical age of 65, to 60 per cent for that first housing loan and 40 per cent for subsequent loans. The maximum loan tenure has also been capped at 35 years. This is the Singapore's Government sixth attempt at lowering property prices since September 2009. It remains seen if this latest round of cooling measures will prove good at reining in prices.

On a better note, according to Assoc Prof Tilak Abeysinghe:

"As housing supply improves within the next few years and the immigrant population declines, don't be surprised house price inflation to fall for an affordable trend rate like 4 per cent." ("Inflated Housing Prices Should Ease")

On the similar note, URA's latest figures for October revealed that product sales web hosting residences have dipped. This really is thought to be partly due to the Government's newest cooling measures. Sales figures - excluding executive condominiums - showed a 26 per cent month-on-month decline. In absolute terms, 1,948 units were bought from October compared to 2,621 in the previous month ("New Private Home Sales Cool Rapidly in October").

Looking ahead, more property launches are required before the close of the year, but analysts are expecting sales to continue to moderate because of the festive mood, tighter loan regulations and as buyers take stock of rise in the home market.