Private home prices rose 2.5% in 2019, much lower than 2018's 7.9%

Fresh property news selection on January 06. 2020, Monday.

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Home prices rose overall last year but slower economic growth and tough cooling measures meant they struggled to match 2018's more buoyant pace.

Prices advanced by 2.5 per cent last year compared with a 7.9 per cent jump in 2018, data showed yesterday.

 

The steam certainly went out of the market late last year, with prices edging up just 0.3 per cent from the third to the fourth quarter following a far more robust increase of 1.3 per cent from the second quarter to the third.

Analysts say the slower pace of price rises is in tandem with the year-end holiday season and shows there is no excessive exuberance in the residential market.

Meanwhile, public housing owners finally have something to cheer about. The prices of Housing Board resale flats rose by 0.4 per cent in the final three months of 2019 compared with the third quarter, in what was the largest quarter-on-quarter increase last year, the latest public housing figures show.

Based on flash estimates, there was no change in resale flat prices for the whole of last year, according to HDB, which released the data yesterday. This means prices were stable compared with the full-year price drop of 0.9 per cent in 2018 over 2017.

Yesterday's Urban Redevelopment Authority flash data also showed that overall private home price gains were driven by landed homes.

 

Values in this segment rose 4 per cent from the third to the fourth quarter, after gaining 1 per cent in the previous quarter.

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