The property consultancy looks at performance of 25 cities' residential prices in the Asia-Pacific region.

Slightly more than half (14) of 25 Asia-Pacific cities have recorded positive annual growth in residential prices in the first half of this year, and Singapore came top in terms of the rise, according to real estate consultants Knight Frank. 

Singapore registered 8 per cent year-on-year price growth, the firm said in a report. On average, there was a 0.2 per cent rise in residential prices.

“After the bull run in home values over the past few years, prices plateaued six months into 2023, indicating that correction is taking place in more markets,” Victoria Garrett, head of residential at Knight Frank Asia-Pacific, said. “With rate hikes being paused, buyers are utilising this window of opportunity to lock down on their dream homes, which is notably predominantly seen in Australia, New Zealand, and India.”

In Malaysia, where its economy expanded and the unemployment rate tightened, both Kuala Lumpur and Penang saw their prices grow by 0.34 per cent and 5.78 per cent year-on-year, respectively.

For Australia, rates rose 50 basis points over the second quarter, and the average sales volume in the first half of the year stayed flat bi-annually. Turning to New Zealand, the housing market showed signs of gaining momentum in defiance against the technical recession it registered in June. The rate of price deceleration has slowed. Annually, prices in Auckland and Wellington dipped 10.6 per cent and 10.5 per cent, respectively, compared with 17.4 per cent and 21.6 per cent six months ago.

In Greater China, the annual change in transaction volume for Chinese cities is still negative, reflecting the lacklustre effect that Beijing’s expansion measures have had on demand since it was implemented in late 2022.

Prices in India have risen since the second half of 2021; residential prices rose 5.3 per cent annually on average, with Mumbai leading the growth at 6 per cent in H1 2023.