Resale non-landed private home prices up

Prices of completed non-landed private homes surged 1.9 per cent last month from the previous month, accelerating sharply from October’s 0.8-per-cent rise, according to the advance estimates of the Singapore Residential Price Index (SRPI) released yesterday.

According to the SRPI, developed by the National University of Singapore’s Institute of Real Estate Studies, homes in the Central region led gains with a 2.6-per-cent price rise. Prices of homes in the Non-Central region increased 1.3 per cent. The SRPI Small index, which covers units with areas of up to 506 sq ft, rose 1.7 per cent.

Mr Lee Sze Teck, Senior Manager for Training, Research and Consultancy at DWG, said there were fewer new developer launches last month and this led to buying interest flowing into the resale market.

He added: “The narrowing in gap between Central and Non-Central region property prices saw some buyers switching to the Central region for better deals. This resulted in Central region prices increasing at a faster rate than those in the Non-Central region.”

Source : Today – 29 Dec 2012

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