Tuesday, July 1, 2008

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0.4% Increase in Property Price: URA Flash 2nd quarter 2008 real estate statistics

Property price has basically remained stagnant in the residental property market according to the latest official data from URA.

Extracted from:
URA releases flash 2nd quarter 2008 private residential property price index
"Based on the estimated price index of private residential property, prices rose from 177.2 points in the 1st Quarter 2008 to 177.9 points in the 2nd Quarter 2008. This represents an increase of 0.4%, compared with the 3.7% increase in the previous quarter.... Prices of non-landed private residential properties increased by 0.2% in Core Central Region, 0.7% in Rest of Central Region and 1.3% in Outside Central Region in the quarter. "

Singapore Property Price Index Graph Q2 2008 - URA Flash Report

As shown in the PPI graph below, OCR enjoys the highest price increase.
(May want to read: Can Mass Market Property Price hold firm ? )
Condo Price in CCR, RCR, OCR Q2 2008 - URA Flash Report

What's worth noting for buyers that are still waiting is: There's still 63% unsold units. According to the report, on the supply side, as at 1st Quarter 2008, there were about 67,700 private residential units in the pipeline, of which about 56,500 new private housing units are expected to be completed between 2008 and 2011. About 42,700 units of the supply in the pipeline (or 63%) had not been sold by developers yet.

Responses from market watchers:
S'pore private home prices rise 0.4% in Q2 ( Reuter - -July 1, 2 )
SINGAPORE private home prices rose just 0.4 per cent between April and June, the third straight quarter of slower growth but sustaining a four-year increase despite a slump in property sales this year. ...Sales volume sank to a five-year low in the first quarter of 2008 as government moves to curb property speculation took effect and global economic fears kept buyers at bay. But sales improved in April and May as some developers cut prices.

S’pore private home prices little changed in Q2 (Business Times - July 1, 2008)
SINGAPORE - Singapore private home prices registered a third straight quarter of slower grow, rising just 0.4 per cent between April and June, in a further sign that a four-year boom in the republic’s housing market has peaked.....‘It’s starting to turn into a buyers’ market, as developers hold off on launches while homebuyers look for bigger discounts,’ said Nicholas Mak, research head at property consultants Knight Frank in Singapore. ... Sales improved, however, in April and May as some developers cut prices.

Responses from forumers:
"Thanks to some of the June property discounts, we might see a drop when URA has the final computation. The downward curve is getting more and more obvious and price fall is certain."

"Yes, smart buyers will continue to wait for the sharp fall. cool... "

"Those who bought in Q2 2008 are the most foolish as it's the final peak. They might still thought that they have the discount."

"Agree with you. Sad that ppl still buy into all these marketing ploys of discounts ... think for yourselves: Is the property really worth that much ?"

May also want to read:
June Property Sales Increase With Good Take-ups in New Launches: Should you join the herd ?
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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The blogger here has been affectionately named by close allies as "Smart Buyer" but really, he's not smart. Smart Buyer just believes that being prudent is smart. That's the essence of the message of this blog and Smart Buyer hopes it'll benefit other property buyers.

Smart Buyer :)