Home sour home: prices of private homes up 0.4%

Even rentals increased by 0.3% in 2Q12, said URA.

In a release, the Urban Redevelopment Authority (URA) said prices of private residential properties increased by 0.4% in 2nd Quarter 2012, compared to the 0.1% decrease in the previous quarter. Prices of non-landed properties in Core Central Region (CCR)1 and Rest of Central Region (RCR) increased by 0.6% and 0.4% respectively in 2nd Quarter 2012, compared to the decrease of 0.6% for both market segments in the previous quarter.

Here's more from URA:

For Outside Central Region (OCR), prices increased at a slower pace of 0.5% in 2nd Quarter 2012, compared to the increase of 1.1% in the previous quarter.

Rentals of private residential properties increased by 0.3% in 2nd Quarter 2012, the same rate of increase as in the previous quarter. Core Central Region comprises postal districts 9, 10, 11, Downtown Core Planning Area and Sentosa. The prices of private residential properties are not uniform and vary from project to project. 

A total of 6,115 uncompleted private residential units were launched for sale by developers in 2nd Quarter 2012, compared with 6,903 units in 1st Quarter 2012. 5,402 private residential units (both completed and uncompleted) were sold by developers in 2nd Quarter 2012, compared with 6,526 units in 1st Quarter 2012. Most of the units, close to 70%, sold by developers were from OCR in 2nd Quarter 2012. Take-up of shoe-box units (i.e. smaller than 50 sqm) accounted for 19% (or 1,038 units) of new sales in the quarter, less than the 27% in the previous quarter. Lower-priced units less than $750,000 accounted for 27% (or 1,435 units) of new sales in 2nd Quarter 2012, lower than the 42% (or 2,766 units) seen last quarter.