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URA’s flash estimates show that the overall price increase was driven by condominium and apartment prices in the suburbs
THIRD-QUARTER flash estimates for private home prices have showed the first uptick after four years – 15 straight quarters – of decline.
The private residential property index of the Urban Redevelopment Authority (URA) rose 0.5 per cent in Q3, compared to a 0.1 per cent dip in Q2. The index had fallen more than 11 per cent since Q3 2013.
Analysts had already anticipated the change in direction from tracking the higher sales volumes and transaction prices this year. The moderating decline in private home prices over the past quarters had also hinted at an imminent turnaround.
But is this increase sustainable? Will prices keep climbing, or will they flounder about for a few more quarters before settling in a decided direction?
