Private home prices fell 0.6% in Q1: URA flash data

URA's private residential property index decreased 0.9 point from 149.6 points in the final three months of last year to 148.7 points in first quarter of this year.
URA's private residential property index decreased 0.9 point from 149.6 points in the final three months of last year to 148.7 points in first quarter of this year.PHOTO: ST FILE

SINGAPORE - Private home prices eased again for the second straight quarter, declining by 0.6 per cent for the first quarter of 2019 from the previous three-month period, according to the Urban Redevelopment Authority's (URA) flash estimate released on Monday (April 1).

The price drop in the first quarter of this year is slightly steeper than the 0.1 per cent dip in the fourth quarter of 2018.

The URA's private residential property index decreased 0.9 point from 149.6 points in the final three months of last year to 148.7 points in first quarter of this year.

The price decline in the first quarter of 2019 was caused by the 1.0 per cent fall in the prices of non-landed condominiums and private apartments, which had edged up 0.5 per cent in the previous quarter.

Prices of landed homes, in contrast, rose 1.1 per cent over the previous quarter, following a 2 per cent fall in the fourth quarter.

Giving a breakdown by location, prices fell 2.9 per cent in the prime areas or core central region (CCR), versus a 1.0 per cent drop in the previous quarter.

Prices in the city fringe or rest of the central region (RCR) dipped by 0.2 per cent after rising 1.8 per cent in the previous quarter.

Prices in the suburbs or outside the central region (OCR) were unchanged after registering a 0.7 per cent rise in the previous quarter.

The URA's flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment and data on units sold by developers up till mid-March.

Last year, prices of private homes rose 7.9 per cent, faster than the 1.1 per cent increase in 2017.