Private home prices slipped 1.1% in the
first quarter this year from the preceding quarter - marking a sixth straight
quarter of decline from the peak in the third quarter of 2013.
This followed a
similar 1.1% fall in the overall private residential property price index (PPI)
seen in the fourth quarter of 2014.
The
first-quarter flash estimate of the PPI by the Urban Redevelopment Authority
(URA) adopts a revised approach that captures all private housing transactions
and utilises a more sophisticated index methodology to control for property
attributes so that a purer change in price is measured.
Prices of
non-landed private residential properties slipped 1.1% in the first quarter
after a one per cent drop in the fourth quarter of 2014. Prices fell 0.6% in
Core Central Region (CCR), 1.8% in Rest of Central Region (RCR), and 0.9% in
Outside Central Region (OCR).
Landed properties also posted a 1.1% drop in prices, after falling by
1.3% in the fourth quarter of 2014.
URA said these
flash estimates are compiled based on transaction prices given in contracts
submitted for stamp duty payment, caveats lodged and survey data on new units
sold by developers during the first 10 weeks of the quarter. Previously, URA
uses caveats and survey on developers only.
The statistics
will be updated four weeks later when URA releases the full real estate
statistics for the first quarter of 2015, which captures more data from the
caveats lodged, stamp duty records and the take-up of new projects.
"Past data
have shown that the difference between the quarterly price changes indicated by
the flash estimate and the actual price changes could be significant when the
change is small," URA said. "The public is advised to interpret the
flash estimates with caution."
Source:
BT
No Comment to " Private home prices fell 1.1% in Q12015! "