PRIVATE home prices slipped 1.1 per cent in the first quarter this year from the preceding quarter - marking a sixth straight quarter of decline from the peak in the third quarter of 2013.
This followed a similar 1.1 per cent fall in the overall private residential property price index (PPI) seen in the fourth quarter of 2014.
The first-quarter flash estimate of the PPI by the Urban Redevelopment Authority (URA) adopts a revised approach that captures all private housing transactions and utilises a more sophisticated index methodology to control for property attributes so that a purer change in price is measured.
Prices of non-landed private residential properties slipped 1.1 per cent in the first quarter after a one per cent drop in the fourth quarter of 2014. Prices fell 0.6 per cent in Core Central Region (CCR), 1.8 per cent in Rest of Central Region (RCR), and 0.9 per cent in Outside Central Region (OCR).
Landed properties also posted a 1.1 per cent drop in prices, after falling by 1.3 per cent in the fourth quarter of 2014.
URA said these flash estimates are compiled based on transaction prices given in contracts submitted for stamp duty payment, caveats lodged and survey data on new units sold by developers during the first 10 weeks of the quarter. Previously, URA uses caveats and survey on developers only.
The statistics will be updated four weeks later when URA releases the full real estate statistics for the first quarter of 2015, which captures more data from the caveats lodged, stamp duty records and the take-up of new projects.
"Past data have shown that the difference between the quarterly price changes indicated by the flash estimate and the actual price changes could be significant when the change is small," URA said. "The public is advised to interpret the flash estimates with caution."