Singapore property prices jump in third quarter

Singapore property prices jumped in the third quarter of 2012, according to the Singapore Real Estate Exchange.

The SRX report, based on Singapore's top 11 estate agents, reveals that resale prices of private homes in the country rose by 3.2 per cent across the three months to September, while values also increased by 2.5 per cent in the third month alone.

The increase in existing home prices offset a decline of 2.2 per cent in values of new homes, with units located on the edge of the city posting the strongest rise of 7.1 per cent. Rental yields, meanwhile, held steady at 4 per cent.

"Experts believe that even although prices are rising the government is unlikely to impose new cooling measures in the immediate term," reports Property Wire.

"It is thought that the last few rounds of cooling measures, including the ABSD (additional buyers stamp duty) have been successful in curbing overseas buying interest, reflected in the lower number of foreign buyers across all residential segments. "