Private home prices up 1.3% in 3Q11

As the rate of growth in housing prices moderates for the 8th consecutive quarter.

The rate of price increase continues to moderate. According to the Urban Redevelopment Authority, prices of private residential properties increased by 1.3% in 3rd Quarter 2011, lower than the 2.0% increase in the previous quarter. This was the 8th consecutive quarter in which the rate of increase in overall private housing prices had moderated.

Prices of non-landed properties in Core Central Region increased at a slower pace of 0.7% in 3rd Quarter 2011, compared to the 1.6% increase in the previous quarter. For Rest of Central Region and Outside Central Region prices increased by 1.2% and 2.1% respectively in 3rd quarter 2011, slightly higher than the 1.1% and 1.7% increase in the previous quarter.

Rentals of private residential properties increased by 0.8% in 3rd Quarter 2011, less than the 1.3% increase in the previous quarter.