The strong and solid performance of Singapore's property market has pushed up the share of real estate assets in household assets, while global risk assets have been hit this year, slowing the growth of financial assets.

The data showed that household real estate assets grew by 12.8 per cent in the third quarter of the year compared to the same period last year. This included a 10.37 per cent increase in HDB assets and a 14.84 per cent increase in private housing.

Financial assets grew by just 2.73 per cent year-on-year, with equities and securities contracting by 4.98 per cent and life insurance falling by 8.92 per cent.

Although the share of real estate assets rose to its highest level in more than five years, it was still lower than at the peak of the property market in 2011, when it was just over 50% in the third and fourth quarters of 2011.

Real estate investment has always been popular in Singapore and Asia. The country's people can use their CPF savings to buy homes, so the share of real estate is generally on the high side.

Some industry analysts say that the current market supply and demand situation continues to support rising house prices, but down the road it will depend on whether interest rates will climb further and whether the government will introduce more cooling measures.

Much will depend on the direction of mortgage rates and house prices, the latter depending on the outlook for the economy and job market, and whether Singapore will continue to attract more safe-haven capital.

Overall household assets in Singapore grew by 6.94 per cent year-on-year in the third quarter, outpacing the 3.12 per cent increase in debt, resulting in a 7.52 per cent increase in household net worth to $2.5058 trillion.

On the debt side, home loans grew by 3.72 per cent year-on-year, auto loans fell by 3.37 per cent and credit card debt jumped by 16.05 per cent. Home loans accounted for 71.7 per cent of total household debt.

Analysts point to an uncertain economic outlook and a slowdown in household debt growth to follow. Car ownership permits are at a record high and this will sooner or later affect consumer affordability.

Personal disposable income rose by 9.8 per cent in nominal terms in the third quarter of the year, up from 7.2 per cent in the second quarter, mainly due to salary increases for employees and higher GST voucher cash benefits for local households, according to the data.

Personal savings fell by 3.3 per cent, less than the 13.3 per cent decline in the second quarter. According to the Department of Statistics, this was due to a strong 17 per cent increase in private consumption expenditure.

The personal savings ratio improved, standing at 31.4 per cent in the third quarter, up from 28.7 per cent in the second quarter.

With the uncertain economic outlook ahead, it is expected that people may save more and spend less.