Home buyers undaunted by cooling measures, most will not defer property purchase this year: PropNex
Propnex Realty recently conducted a survey and the consolidated report overall shows that 56% of participants do not intent to postpone their home purchase despite property market this year has shows sign of slowing down with newly implemented property cooling measures by the government. 44% of participants mentioned that they will defer their purchase plan. In comparison, with 48.8% of those who will defer their property purchase mentioned that soaring property prices as the key factor. HDB sellers with their minimum occupation period locked in, and the lack of personal savings are Other deterrent to delay their upgrading plan this year buying options are pretty limited meanwhile. More than 450 prospective home buyers were surveyed. The annual report, revealed that after the tightening of the additional buyer’s stamp duty rate in April 2K23, 83% of participants who did the survey, give a swamp opinion, think that prices of resale condos will unlikely reduce in 2K23. Also, 56% of participants who did the survey feel that prices of HDB this year are not likely to reduce too. On top of that to make things worse, building and construction new measure introduced by builder authority, the harmonisation of floor area in September 2K22, will makes the gross floor area for sale of new launches development and the overall breakeven cost for real estate developers will be affected. the private and public resale markets will have a domino effect on as the replacement homes will cost higher and resale property sellers will be very firm with their asking price. various property cooling measures collectively as well as higher lending rates, continue to affect the residential property segment. Most purchasers feel new condo resale prices will appreciate generally at a faster pace compared to resale properties that are older. Because of the newly topped-up 99-year lease tenure, brand new condominium facilities, as well as the future capital growth due to the first-mover advantage, are largely by and large the factor why many keen purchasers do not mind to pay a higher price for brand new condo.
