Mass-market price growth more than doubled to 3.8%

Demand feared to wane.

According to PropNex, with affordability being a key consideration especially after the imposition of the additional measures in January, homebuyers continued to be drawn to the relatively more affordable mass-market homes in the Outer Central Region (OCR).

In 2Q 2013, price increase in the OCR contributed to the lion’s share of price increase as the private property price index increased to 215.1, or up 3.8% from Q-o-Q in 1Q 2013. Overall, market sentiments remained relatively upbeat despite initial chills brought on by the successive rounds of market cooling measures.

Here's more from PropNex:

However, on a yearly basis, private residential property prices continued to exhibit an upward trajectory.

In 2Q13, price growth concentrated in the mass-market segment. Mass-market (OCR) price growth more than doubled to 3.8% Q-on-Q (from 1.4% in the previous quarter), while growth in the high-end segment bore the brunt of the impact of the successive round of cooling measures as it slipped 0.2% (from +0.6%).

Prices in the mid-tier segment (RCR) remain unchanged Q-o-Q (similar to +0.2% in 1Q13).

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