Here is the superimposed stock market (Straits Times Industrial Index STII) vs property vs interest rates chart.
I believe you are trying to see if there is a correlation between stock price and property price. In particular, whether stock price can be used to predict property price.
At first glance, there appears to be strong correlation. However, the correlation is only apparent on hindsight.
Look at the plunge in stock price during the 1991 Gulf War between George Bush Senior and Saddam Hussein. At that time, nobody knew that Saddam's Army (4th largest in the world) was so useless. Everyone thought he had chemical weapons (even nuclear weapons) which he would use to wipe out the Middle East. Oil price spiked (just like today). Some people even predicted that Saddam was the legendary Anti-Christ who would end the world.
Anyone who had panicked and sold off his properties in 1991 would have missed the super-bull run between then till 1996. Property prices had not returned to 1991 level ever since. Not even after the crash of 1997.
Another behaviour that is apparent is that while a bull run in stock prices precedes a bull run in property (see period from 1988 to 1996; and also from 2003 to 2007), the same cannot be said for bear markets.
Stock and property bear trends were almost synchronous. In fact, in the bear markets of 1997 to 1999; and 2001 to 2003, both stock and property prices fell in tandem. It was almost impossible to use one to predict the other.
Of course, some people may point out that you could have "predicted" the property crash of 1996 by observing that the STII had "stabilised" for almost 2 years around 2200 points (1994 to 1996). However, the same could be said for the period between late 1991 to 1993, when the STII had "stabilised" around 1600 points. Yet the property market continued its bull trend.
Hindsight is always perfect, as UBS had demonstrated in its real estate analysis. The challenge is, as always, to predict the future.