Chart of the Day: Here's solid proof that the property market is about to hit bottom

Sales and prices have been down for nine quarters.

Home prices in Singapore might soon be headed for a rebound after over two years of unabated decline, according to a report by CBRE.

CBRE's report highlighted that the longest uninterrupted period of softening property prices occured during the 2000-2004 recession, during which prices declined for 14 consecutive quarters.

This was followed by 10 straight quarters of downturn in 1996-1998. During the sub-prime mortgage crisis of 2008, property prices in Singapore dropped for four straight quarters before staging a dramatic rebound.

CBRE reckons that although the local residential market is likely to remain subdued for the next 12 months, it is possible that the trough may be in sight as supply runs low and prices reach an equilibrium.

"The current downturn has seen nine quarters od low sales and softening prices and is expected to last for a few more quarters. However, should the government relax the existing cooling measures, it may stoke buying interest," CBRE said.