The latest figures from URA indicate that in spite of the low number of transactions, property prices continued to rise in the first
quarter 10 weeks of this year.
In fact, the URA property index rose to an almost-all time high of 178.
The index was higher at only one other time, and that record high was set in 1996, just months before the Asian financial crisis struck.
Will history repeat itself?
There’s a word of caution from the URA press release:
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. The public is advised to interpret the flash estimates with caution.