Friday, July 25, 2008

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Property Investors said Private Property Price has fallen according to URA 2Q 2008 Real Estate Statistics

URA 2Q 2008 Real Estate Statistics shows that price of private property rose by 0.2%, half that of the earlier estimate; and rentals of private residential properties rose 2.5% compared with 6.0% in the previous quarter .

The following are views of some forumers on the latest URA real estate data extracted from the Singapore Property Forum:

Forumer 1 wrote:
1. Prices probably declined. Flash estimate last month was for a 0.4% rise for the quarter. Final report is 0.2% rise, with price declines in the last month bringing down the average figure of the whole quarter.
2. With prices virtually flat, we've hard evidence that, CURRENTLY, property does NOT protect you against inflation.why not protect against inflation?

Forumer 2 wrote:
That's what I was thinking too. It seems that the price index dropped in June.

Forumer 3 wrote:
For 1st 6 month, inflation is 7%, FD rate is 0.5% for 6 months, so your cash value is down by 6.5%. 1st 6 months property price up Q1+Q2=4.1%. If you keep cash, value already down by 6.5+4.1=10.6% for 6 months. f you rent it out at 6% yield, 6 months another additional 3% income. Moving forward, ball game is totally different, more money will be printed, value of cash will shrink more, will see.

Forumer 4 wrote:
Obviously PPI for June has fallen, so has rent. What edge against inflation? what rubbish? inflation is revised up 4 times up to 7%... 7.5% for June, property price is down by june, stop this rubbish about property hedging against inflation...

Forumer 5 wrote:
The increase of 4.1% of the last 2 quarters not even enough to cover property transaction cost of stamp duty + agent fee + legal fee + mortgage interest,.. so no need to talk about hedge against inflation.
Most ppl who didn't buy would have their money mostly in CPF which pays 2.5% nett lah. Those who bought in the last 2 Qs, nett increase is 0 or worse. For what? Risk is so high!!

Forumer 6 wrote:
By the way, the actual increase for non-landed is only 0.1 which shows June PPI for condos is really down, down.

Indicative of the cooling private property market are the 43,473 new units still unsold from a total supply of 67,569 uncompleted units from private housing projects. This number includes more than 12,000 which developers have held back from launch and another 28,282 which are pending approval .

May also want to read:
History of Singapore Property 1960 to 2008
Buy or Not Buy: How to decide amid mixed market signals
When to Buy, When Not to by
Property Price Index Graph Plotter & Online Property Valuation
Your Property Investment Determines Your Financial Success in Your Life
HDB Resales: West Sees Highest Price Increase


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