Resale prices of private non landed homes in Singapore increased by 3.2% in the third quarter of 2012, according to the latest data from the Singapore Real Estate Exchange (SRX).

The index, which compiles data from 11 top property agencies in Singapore, also showed that on a month on month basis prices in September were up 2.5%.

It means that home prices reached an historic high of S$1,156 per square foot in the third quarter and the quarterly jump of 3.2% was a contrast to the 2.2% fall in prices of new units over the same period.

Resale units located in the city fringe saw the strongest price gain of 7.1% during the quarter and prices of resale non-landed private homes were up 3% in the mass market segment and 0.75% in the core central region.

The SRX report also showed that residential rental yields remained stable at 4% in the third quarter of the year.

The SRX figure for quarterly sales is somewhat higher than the 0.5% price gain in private residential property prices as reported by the Urban Redevelopment Authority but it said that is because its data does not take into account new home sales and it includes transactions done in the last three weeks of September.

On the HDB resale market, SRX said overall median cash over valuation rose for the first time this year to S$30,000, reversing a downward trend in the last three quarters. This has contributed to a 2.3% increase in median prices for HDB resale units in the third quarter.

Its report also showed that the highest median price is in Serangoon for executive flats at S$690,000 across all HDB towns. Median monthly HDB rent rose for the first time in four quarters from S$2,300 to S$2,400 between July and September this year.

Experts believe that even although prices are rising the government is unlikely to impose new cooling measures in the immediate term, taking into consideration the current economic conditions and the effectiveness of the previous policies.

The Urban Redevelopment Authority (URA) estimates for the third quarter of 2012 shows that private home prices increased 0.5%, the highest rate of increase this year.

It is thought that the last few rounds of cooling measures, including the ABSD (additional buyers stamp duty) have been successful in curbing overseas buying interest, reflected in the lower number of foreign buyers across all residential segments.

Speculators have also been kept out of the market and investors hold properties for a longer period, as indicated by the lower sub-sale transaction volumes.

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