Private home prices up 1.3% in 3Q11

As prices continue to moderate for the 8th consecutive quarter since 4th Quarter 2009.

URA’s flash estimate of the private residential property index for 3rd Quarter 2011 shows that the rate of increase in private residential property prices has continued to moderate for the 8th consecutive quarter since 4th Quarter 2009.

The private residential property index rose from 203.0 points in 2nd Quarter 2011 to 205.7 points in 3rd Quarter 2011. This represents an increase of 1.3%, compared to the 2.0% increase in the previous quarter.

Prices of non-landed private residential properties increased by 0.8% in Core Central Region, 1.1% in Rest of Central Region and 2.1% in Outside Central Region in the quarter (see Annex B). 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.

The flash estimates are compiled based on transaction prices given in caveats lodged during the first ten weeks of the quarter supplemented by information on the number of new units sold.