Private non-landed housing prices up 0.7% m-o-m in September: NUS SRPI flash estimate

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The National University of Singapore’s Institute of Real Estate and Urban Studies (IREUS) released flash estimates for the Singapore Residential Price Index (SRPI) on Oct 30 indicating prices of resale private non-landed residential properties in Singapore grew 0.7% m-o-m in September. The SRPI, which tracks and measures the price movements of a basket of 759 non-landed private residential projects completed between October 2003 and September 2021, also revealed the sub-index for the Central Region (excluding small units) grew by 0.8% m-o-m in September while the sub-index for the non-Central Region (excluding small units) increased by 0.6% m-o-m. The sub-index for small units increased by 1.2% m-o-m.

With consumer prices also climbing 0.5% m-o-m in September in the Singapore Consumer Price Index, the overall SRPI for August was subsequently adjusted to reflect an increase of 1% m-o-m, up from its 0.7% flash estimate. This includes the sub-index for the Central Region (excluding small units), which was adjusted to show a 0.9% m-o-m climb, and the non-Central Region (excluding small units) adjusted to reflect a 1% increase.

At the same time, flash data indicated that non-landed private residential sales fell 28% m-o-m in September, compared to a 2.5% growth in the month before. In terms of buyer profile, Singaporeans, Singapore permanent residents and foreigners in the resale market dropped by 37.4%, 46.2% and 86.7% respectively in September, compared to the 12-month average.

The ongoing economic uncertainties and high interest rates have been cited as the key drivers of the cautious sentiments in the market, likely putting downward pressure on the resale condo market for the rest of the year with prices estimated to increase by at most 8% in 2023.

Lee Sze Teck, senior director of data analytics at Huttons Asia, commented that higher interest rates have capped gains for sellers while buyers are also resisting higher prices, creating a market slowdown. He added: “Prices are estimated to increase by at most 8% in 2023.”