The estimate, released jointly by property website 99.co and SRX, showed that resale prices for flats in the rest of the Central District and outside the Central District rose by 1.4 per cent and 2.3 per cent respectively last month, while prices for private homes in the core Central District fell by 0.3 per cent.

Overall private resale prices rose by 9.2 per cent last month compared to the same period last year.

In terms of transaction volume, an estimated 756 units changed hands last month, a 50.3 per cent month-on-month surge and a 4.2 per cent year-on-year decrease.

Analysts said the increase in transactions was prompted by earlier pent-up demand as the holiday season came to an end.

In addition, the Government's earlier announcement that a higher buyer's stamp duty would be levied on purchases of residential projects worth more than $1.5 million also prompted some buyers to rush to complete their transactions.