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Thread: Only 5 percent say they are buying now: Property survey

  1. #1
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    Default Only 5 percent say they are buying now: Property survey

    [URL="http://propertysoul.com/2014/10/27/only-5-percent-say-they-are-buying-now-property-survey/"]http://propertysoul.com/2014/10/27/only-5-percent-say-they-are-buying-now-property-survey/[/URL]

    [SIZE=3][/SIZE][B]Only 5 percent say they are buying now: Property survey[/B]

    October 27, 2014

    With developers rushing to launch or re-launch new and existing projects ahead of the festive season, the Saturday after the Hari Raya Haji public holiday saw twenty-two property advertisements in the Straits Times marketing local property projects.

    Despite aggressive marketing by developers, the PropertySoul.com Blog Readership Survey revealed that only five percent are saying that they are planning to buy a private property now.

    The property survey asked 355 respondents when they are planning to buy a private property. It was conducted online between September 5 and 23 this year on readers of PropertySoul.com.


    [B]Prefer to rent than buy[/B]

    This is despite the fact that 10 percent of respondents are currently renting. Among them, only 5.6 percent are planning to buy. The result shows that most renters still prefer to continue renting instead of taking the risk to buy now for fear of prices dropping further after their purchase.

    A total of 13 percent of respondents have no definite timeframe to buy a private property. Among the non-buying group, half of them have no intention to buy at all. Another half are waiting on the sidelines and expecting to buy at lower prices. Some are even anticipating a recession that may result in a major market correction before they will consider buying again.



    [B]Loss of market confidence[/B]

    Contrary to the common belief that the market is affected by the property cooling measures, including additional buyer or seller stamp duties and the total debt servicing ratio (TDSR) framework, only one percent of respondents are saying that they are waiting for the uplift of buying restrictions by the government before considering buying again.

    The results demonstrated that it is the eroding confidence in the property market, not the cooling measures, that is to blame for the weak demand in private residential properties. With no sign of recovery under a softening property market, potential buyers are adopting a ‘wait and see’ approach on property purchase.

    The opportunistic and overzealous buyers seen in the last few years are gone. It proves that the fad in properties is not sustainable when properties with historically-high prices can no longer prove their value. Once high-price-low-yield makes property investment unattractive, investor appetite will naturally shrink.

    [B]
    Worsening of oversupply[/B]

    The worsening imbalance between supply and demand is adding up to the problem. According to the URA data, 37.7 percent of uncompleted private residential units (excluding ECs) remained unsold as of 3rd Quarter 2014. There is now a total of 97,180 private housing and EC units in the overall pipeline supply. The influx of 20,852 units in 2014 and 23,769 units in 2015 to the market will definitely create a housing glut in the next few years.

    That said, there is still good news that a significant number of survey respondents (42 percent) plan to buy in one to three years while another 27 percent plan to do so after three to five years.

    The demand from first-time buyers, upgraders and investors will always be there. The current situation is a see-saw battle between the buyers and sellers. It will persist for some time and little can upset the balance unless there is a major crisis happening in the market.
    [URL="http://propertysoul.com"]http://propertysoul.com[/URL]

  2. #2
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    Looks like cooling measures are having the desired effects...... finally.

    Shame it took so many rounds of them before some people finally got the message.
    Arguing with an idiot is like playing chess with a pigeon - it knocks over the pieces, craps on the board and flies back to it's flock to claim victory.

  3. #3
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    Quote Originally Posted by EBD View Post
    Looks like cooling measures are having the desired effects...... finally.

    Shame it took so many rounds of them before some people finally got the message.

    Looking at it the other way, many investors here had MTB, with just the 5% buyers around; it tells us most of them don’t have a buyer now at all… price needs to fall further to bring buyers back… The bottom is yet to come…
    A bottle of Lafite '82 for all my coffeeshop friends yesterday...many don't know what is it....haha...

  4. #4
    Banned

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    So how low will MTB buy,

    example : Southbank 2 Bedroom SGD bought in 2006 SGD 535,000.

    Terrasse 3 Bedroom PH sold in 2011 SGD 1,305,800.

    When I told my friend in 2010 I bought Southbank, they told me why I did not tell them to buy.

    I ask them a simple question.

    Will they buy a car or buy a condo given they have SGD 100,000 cash and the answer they give tell them why I did not tell them.

  5. #5
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    Those who buy when majority are staying away could turn out to be shrewd move.
    "[I]Never argue with an idiot, or he will drag you down to his level and beat you with experience[/I]."

  6. #6
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    Air Storm + Land Storm also coming .. Beware

  7. #7
    Banned

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    Money printing machine this time in ECB

    Draghi Sets Stimulus Pace as ECB Reveals Covered-Bond Purchases

    [url]http://www.bloomberg.com/news/2014-10-27/draghi-sets-stimulus-pace-as-ecb-reveals-covered-bond-purchases.html[/url]

    nvestors will be handed a clue today in to just how aggressive Mario Draghi is willing to be.

    At 3:30 p.m. in Frankfurt, the European Central Bank will reveal how much it spent on covered bonds last week after returning to that market for a third time as part of a renewed bid to stave off deflation.

    The [B][U]central bank bought at least 800 million euros ($1 billion) of assets from Portugal to Germany in the three days since the program began on Oct. 20[/U][/B], traders said last week. Formal details will help them divine how quickly the ECB president can reach his target of expanding the institution’s balance sheet by as much as 1 trillion euros.

    Euro 1,000,000,000 in 3 days = 333,333,333.33 a day = 13,888,888.89 an Hours = 23,1481.48 a minute
    Last edited by Arcachon; 27th October 2014 at 05:58 PM.

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    probably I'm the 5% BUT if the price is right which is future price of at least 15%-20% off the tag.

    I reckon lesser and lesser landed transacted and it's a fact as sellers r still asking high while buyer r still standing aside. It's waiting game now!

    No hurry - wait
    Hurry - rent

    I'm eating pop corn & watch the price - More exciting news ahead !!!

  9. #9
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    From Historical perspective. In this kind of waiting game. Usually who will need to let it go first?
    Anyone can share their experience?

  10. #10
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    Quote Originally Posted by imjason View Post
    probably I'm the 5% BUT if the price is right which is future price of at least 15%-20% off the tag.

    I reckon lesser and lesser landed transacted and it's a fact as sellers r still asking high while buyer r still standing aside. It's waiting game now!

    No hurry - wait
    Hurry - rent

    I'm eating pop corn & watch the price - More exciting news ahead !!!
    Any sellers can shout their properties worth millionsss....but with no taker, then just let the fishmonger let his fishes turn "咸鱼"....有价没市....
    A bottle of Lafite '82 for all my coffeeshop friends yesterday...many don't know what is it....haha...

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