Prices of completed non-landed private homes in Singapore reversed course to climb in August, rising 0.5 per cent month on month, after dipping in July.

This is according to the National University of Singapore's (NUS) flash estimates for its Singapore Residential Price Index (SRPI) released yesterday.

In July, prices declined 0.3 per cent, less than the 0.5 per cent drop earlier estimated.

Last month's increase applied across the board. Excluding small units, prices of apartments in the central region rose 0.1 per cent, versus no change in the month before. Those outside the central region added 0.6 per cent, from a 0.5 per cent fall in July.

For small units, defined as those no bigger than 506 sq ft, prices rose 1 per cent last month, compared with a 0.6 decrease in July.

Mr Nicholas Mak, executive director of ZACD Group, noted that even though it was the Hungry Ghost Month in August, "all the four price indices increased after showing weakness in July".

The NUS Institute of Real Estate Studies, which developed the SRPI series, defines the central region as Districts 1 to 4, including the financial district and Sentosa Cove, and the traditional prime residential districts of 9, 10 and 11.

To date this year, prices for the overall market are up 4.4 per cent, led by a 4.7 per cent increase in the non-central region.

Year on year, prices have risen 7.8 per cent, with an 8.7 per cent increase in the central region, and a 7 per cent gain in the non-central districts.

On the outlook for the market, Mr Mak said that "as long as there is sufficient buying demand from first-time home occupiers, residents who were displaced by en bloc sales and bargain hunters, the price index could still increase gradually in the short term".