The overall price index for completed private residential units sold in June saw a slower growth rate compared to the prior month, according to the latest statistics by the National University of Singapore for its Singapore Residential Price Index (SRPI).

The growth rates of three of the main SPRI indices were already decelerating even before the government introduced the latest property market cooling measures effective July 6, says Nicholas Mak, executive director at ZACD Group. A total of 918 private resale units were sold in June, compared to 1,363 units in May and 1,449 in April.

The overall SRPI for June increased by 0.7%, compared to a 1.6% increase in May. Two other indices, the SRPI Central (excluding small units) and the SRPI Non-Central (excluding small units), also recorded slower growth.

Mak notes that the only index which maintained the same rate of growth was the SRPI for small-sized units, or units with a strata area of 506 sq ft. He says that this index increased by 1.1% m-o-m in May and June. This could be due a marginal increase in the number of smaller-sized units being sold, from 6.9% of total units in May to 7.1% in the following month.