Research consultancy Capital Economics said house prices will fall by 20% in Canada and New Zealand, by 15% in Australia and by 10% to 15% in Sweden – all nations that have experienced interest rate rises of late.
The Singapore property market has been resilient so far, with prices for private homes and Housing and Development Board resale flats growing at a faster pace in the second quarter than in the first. Gary Seah, associate group division director at PropNex Realty, noted that customers had definitely become more cautious but prices remained supported by home-occupier demand.
Many of these buyers also have made a bit of money from the sale of their previous home and so are willing to pay more, Seah said. Leonard Tay, head of research at Knight Frank Singapore, said the tight supply of saleable inventory, coupled with resilient underlying demand, is providing some support to private property prices.