Based on the September statistics from the Singapore Residential Price Index (SRPI) released by the National University of Singapore, the private residential housing market has not yet stabilised and is still finding “a clear direction”, says Nicholas Mak, executive director at ZACD Group. Three out of the four main indices decreased, based on transactions last month.

The decreases recorded for September “almost wiped out the growth in August”, when all the indices increased m-o-m, says Mak. He observes that in the past four months the indices have been “erratic, alternating between positive growth in June and August, to negative growth in July and September.”

The inconsistency signals that the market is trying to adjust to the latest property cooling measures implemented in July. But Mak expects that the indices are expected to end the year with 2% to 4% y-o-y growth due to gains chalked up in the first six months.