Current Private Housing Prices are no where near the 1996 all time high. However, after 1996, there higest achieve is in 1Q 2000 before it starts plunging. The current market price for private property is close to the peak we see in 1Q 2000. Take a look at this graph from URA http://www.ura.gov.sg/pr/graphics/2007/pr07-32a.pdf
Whether prices will drop/rise depends on many factors that we can't predict. for eg. If the economy continues to be strong...prices are set to soar and come another bird flu/Sars etc. prices might plunge.
From the past one year n a half the property prices are rising crazily esp those in the high ends n luxury market!
It is now begining to filter down to the mid-high end as u can see from the recent sale of the property in east coast area Seafront @ Meyer... prices there are going for approx $1500-$1800psf on the average. And recent sales for Thomson V which is about $880psf.
Soon it will filter down to mid-low end market then to the lower end in the near future how near i dun know it will depend much on the sales of a few properties in the mid-high n mid-low and the launch of a project by our company, in the mid market at the end of the month, and the launch of Casa Mera this weekend!
If u are thinking of buying in now i would suggest that it is the right time to enter as from what we can see the market will not be coming down these 1 or 2 years maybe i say maybe it will go up stagnant a very short while(jus to take a breather) then go up again!
Not onli the buy sell market is on the rise rental is also on the rise esp. those near MRT lets talk abt HDB onli 3 bedrooms i.e. 4rm flat or 5rm will be higher, with full furnished n air con will easily cost between $1500-$1800 depending on location!
Nowadays the rental have gone up for condo a 2 bedder will cost u easily $1800 per month n above. Not comparing with the high end. Here i am talking about outskirt area like Yishun Sapphire, yishun area, and at least $2000+ for Parc Oasis area(jurong)....etc... just for your info it is on the rise! So it is not worth renting now unless u are able to losk in for a long term basis if not but then which owner will allowed long term as the rental price is always on the rise the rate 0.5yr ago n 0.5yr is different difference is about 15% to as much as 50% so bo hua lor.....for me i will buy at least my monthly installment is lock on for the first few years n definately will not rise like the rental rates lor...now the market is going up and thats the onli direction it will move at least till end of the year or next.