It seems the property market is refusing to buck the trend. With its rate of increase still moderating in Q3, what are the chances of change happening next year?

Since the 4^th quarter of 2009, the rate of increase in private residential property index has remained moderate for the 8^th consecutive quarter now.

According to URA’s flash estimate of private residential property index for Q3, it has risen only 1.3%, as compared to 2.0% in Q2. The flash estimate is compiled based on transaction prices lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold.

Private Residential Property Price Index

Source: Urban Redevelopment Authority

Which areas fared better? URA’s most recent press release mentioned that the prices of non-landed private residential properties increased by 0.8% in the Core Central Region, 1.1% in Rest of Central Region and 2.1% in Outside Central Region in the quarter. In comparison, in 2nd Quarter 2011, prices of non-landed private residential properties increased by 1.6% in Core Central Region, 1.1% in Rest of Central Region and 1.7% in Outside Central Region. Overall, the biggest rate of increase was in the Core Central Region, with an increase of 0.8% and there was no change in the Rest of Central Region.

Property Price Index of Non-Landed Private Residential Property

Source: Urban Redevelopment Authority

However, URA has warned the public against acting too rashly on the data provided. Although the difference in quarterly price changes are small, the price changes could be significant.

iProperty.com.sg had a quick look at the total sales value of non-landed properties in the Core Central Region and the market seems to have dipped rather drastically this year as compared to last. Current prices of properties for sale in the different districts can also be found here.

Editor’s Commentary: 
4 weeks from now, URA wll release their updated statistics for Q3. Keep on track with the latest property moves here. And don’t forget to stay your sights on international markets as well. Even if you’re not an industry expert, the iProperty Expo happening on 29 & 30 Oct is as good a place as any to start.