Resale prices of private homes in Singapore rose slightly last month but the overall trend suggests a period of flat values.
Flash figures from the Singapore Residential Price Index (SRPI) showed that prices of resale homes climbed 0.9 percent in October, recovering from a 0.1 percent drop in September.
The overall SRPI, which tracks completed non-landed projects, indicates a cautious market, with monthly price changes within a range of only one percent or less this year.
Prices of centrally located homes, excluding small units of less than 500 sq ft, recorded a growth of one percent last month, as opposed to the 0.4 percent decline in September. Meanwhile, values of homes in non-central areas increased 0.8 percent, while prices for small units inched back 0.9 percent after dropping 3.5 percent in September.
According to a Straits Times report, experts gave various reasons for trends seen in the SRPI index.
Chua Chor Hoon, Head of Asia Pacific Research at DTZ, said the ups and downs of the index could be attributed to its nature as a monthly snapshot, adding that there were fewer caveats lodged in October.
Colin Tan, Research Head at Chesterton Suntec International, said the fluctuation could be due to prices reaching a turning point.
“The underlying trend is still up ever so slightly. This is to be expected as there is still positive economic growth,” he said.
Tan suggested that there could be to-and-fro activity between the private resale and HDB resale mass market segments.
For the latest property news,
trends, resources and expert opinions, visit our property news section.
Home buyers, sellers or property renters looking for a Singapore property may like to visit http://www.propertyguru.com.sg today.