While the heating steps of July 2018 were anticipated to exert a dampening impact on land prices, the vast majority of Singaporeans still feel that possessions in Singapore are costly too expensively–based on PropertyGuru’s most up-to-date Consumer Sentiment Survey conducted at the first-half of 2019.
From those 794 respondents surveyedroughly 8 out of 10 (82%) believe property prices are overly expensive/overpriced. Size has been the next most significant source of dissatisfaction among Singaporeans: 67% believe properties are too little.
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In response to if the government is doing enough to make housing cheaper, 58 percent of respondents believed the government would do more to control programmer prices of new releases, compared to 49 percent from the last survey. Half of those respondents also stated there must be many more subsidies given to first-timers for brand new jobs.
These answers determined the results of the Property Purchase Intent indicator for its first-half of 2019 (1H 2019). The indicator, which measures the probability of respondents purchasing a house in Singapore at another six months, currently stands in an all-time reduced, falling to 38 from 41 half an year ago.
Even though the vast majority of those surveyed believe that house prices are costly, 64% still have signaled an”ability to obtain a property” according to their existing level of earnings (% unchanged from 2H 2018). Only 6 percent felt they were not able to pay for a house in the present climate.
According to this finding, it might seem that high buyer buying power, along with perceptions of land becoming overpriced, have interpreted into a minimal cost intent that may worry programmers, who have very little wiggle room in regards to pricing due to the high bids put and won prior to the July 2018 cooling steps were declared.
Something may need to give. “As there were 60 jobs awaiting launch at the start of 2019, land buyers expect sellers and developers to medium their own prices so,” observes Tan Tee Khoon, Country Manager in PropertyGuru.
Instead of any concession, the Singapore property market is obviously secured at a wait-and-see stalemate, in which the purchaser is obviously king.