Here's what the property market will be hurdling in 2013

As overall price growth sees 2-3% cap.

According to Ms Chia Siew Chuin, Director of Research & Advisory of Colliers International, the residential market has enjoyed a good run of demand driven by local buyers.

Here's more from Ms Chuin:

Low interest rates are likely to continue to be supportive of home-buying demand, while the volatile markets could push investors to seek refuge in the property sector that proved to be resilient to external shocks in the past year.

Nonetheless, the private residential market is likely to approach 2013 on a more tentative note, amid a more challenging economic environment and cautious employment prospects.

Although another wave of activity is expected in light of more offerings in the pipeline, especially in the mass-market segment on the back of strong response received from developers from 2012 Government Land Sales Programme, buyers are showing resistance to record high prices.

Additionally, while high land cost from robust tender bids is likely to keep prices elevated, the sizeable residential supply that will come on-stream in the next few years and the growing inertia towards further price appreciation are likely to keep prices in check.

The risk of further cooling measures from the Government should also put developers and the majority of home buyers on a cautiously-optimistic stand and contain their risk appetite; thus, limiting their propensity to commit to prices that are extensively higher than the last done.

As such, these factors should provide for stability and sustainability in the Singapore residential market in the next 12 months.

Barring any unforeseen circumstances, private residential property prices are expected to continue its flat lining, with projects that feature attractive locational and product attributes enjoying better upside potential. Overall price growth is likely to be capped at 2% to 3% in 2013.