{"id":105685,"date":"2019-04-02T12:39:50","date_gmt":"2019-04-02T05:39:50","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-prices-down-in-q1\/"},"modified":"2019-04-02T13:02:50","modified_gmt":"2019-04-02T06:02:50","slug":"singapore-home-prices-down-in-q1","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-prices-down-in-q1\/","title":{"rendered":"Singapore home prices down in Q1"},"content":{"rendered":"


\nThe drop in private home prices wasn\u2019t surprising considering the weaker market sentiment following the introduction of new cooling measures last year, said analysts.
\nPrivate home prices fell for the second straight quarter, dropping 0.6 percent in the first quarter of 2019 from the previous three-month period, according to the Urban Redevelopment Authority\u2019s (URA) flash estimates released on Monday (April 1).
\nThe fall in private home prices is \u201cgenerally unsurprising\u201d given the weaker market sentiment following the introduction of new cooling measures in July, said Tricia Song, head of research for Singapore at Colliers International.
\nCan you afford a condo? Check your\u00a0affordability\u00a0now
\nIn fact, caveats registered to-date in URA Realis showed that there were 3,215 transactions of private homes in Q1 2019, a sharp 40 percent year-on-year decline from the 5,328 units seen in Q1 2018, noted Ong Teck Hui, senior director of research and consultancy at JLL Singapore.
\n\u201cBuyers have become more cautious and selective and not in a hurry to purchase, as prices are easing and the significant supply in the sales pipeline would be offering more options to consider,\u201d he said.
\nThe Core Central Region (CCR) led the price decline, falling 2.9 percent from the previous quarter or the sharpest quarterly decline since Q2 2009 when prices fell 5.2 percent.
\nThe Rest of Central Region (RCR) saw prices dip 0.2 percent, while prices in the Outside Central Region (OCR) were unchanged.
\nMeanwhile, resale prices of HDB flats also continued a downward trend, declining 0.3 percent quarter-on-quarter to 131 in the first quarter of 2019.
\nFind\u00a0HDB flats for sale\u00a0or read our\u00a0HDB guides\u00a0and\u00a0BTO guides
\nEugene Lim, key executive officer at ERA Realty Network, noted that the drop is similar to the 0.2 percent decrease registered in the preceding quarter.
\n\u201cThe concern of depleting leases of older resale HDB flats was in the spotlight earlier this year. However, PM Lee has addressed this concern in his National Day Rally speech, where VERS and the new HIP programmes were introduced. In this regard, we have not seen an immediate impact on resale flat prices,\u201d he said.
\nOver the long term, however, Lim expects a change of mindset towards older HDB flats as the policies start to be implemented.
\nWith this, he expects this year\u2019s HDB resale demand to be resilient as an estimated 27,000 flats reach the minimum occupation period and the cooling measures\u2019 side effects drive more buyers on a tighter budget to the HDB resale market.
\nSome en bloc beneficiaries may also choose to downgrade to HDB flats to keep more funds for other uses.
\nHDB also announced that it will offer around 3,400 Build-To-Order flats in Tengah, Woodlands and Kallang Whampoa next month. It will also hold a concurrent Sale of Balance Flats exercise.
\nGet more details on the property market outlook for 2019 here
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore home prices down in Q1<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The drop in private home prices wasn\u2019t surprising considering the weaker market sentiment following the...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-105685","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-ruB","jetpack-related-posts":[{"id":105969,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/ura-draft-master-plan-to-spark-more-home-sales\/","url_meta":{"origin":105685,"position":0},"title":"URA Draft Master Plan to spark more home sales","date":"April 11, 2019","format":false,"excerpt":"\r Plans for the Greater Southern Waterfront will offer much optimism in the future outlook of residential properties in the vicinity. Property consultancy Knight Frank expects residential sales to remain moderate for the rest of the year, on the back of the growing mismatch of price expectations among buyers and\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":59612,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/smallest-decline-in-private-property-prices-in-15-quarters\/","url_meta":{"origin":105685,"position":1},"title":"Smallest decline in private property prices in 15 quarters","date":"July 3, 2017","format":false,"excerpt":"\r \u00a0 Continuing its decline for the 15th quarter since 2013, the Urban Redevelopment Authority\u2019s (URA) overall private residential property index fell 0.4 points from 136.7 points in Q1 of 2017 to 136.3 points in Q2 of the same year, its smallest decline since the introduction of cooling measures at\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i2.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2017\/07\/URA-Flash-Estimates_Chart-1.jpg?fit=883%2C485&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":115346,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/private-home-prices-down-1-2-in-q1-2020\/","url_meta":{"origin":105685,"position":2},"title":"Private home prices down 1.2% in Q1 2020","date":"April 2, 2020","format":false,"excerpt":"\r After rising for three consecutive quarters, Singapore\u2019s private residential property prices fell in the first quarter of 2020, due to the impact of Covid-19 on the economy. 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