Home buyers undaunted by cooling measures, most will not defer property purchase this year: PropNex

A survey completed recently by Propnex Realty revealed that approximately 56% of participants does not have the intention to delay purchasing property despite this year market has a sight of bleak future with new implemented government instrumented property cooling measures. 44% of participants commented they will refer their property purchase. In comparison, with 48.8% of those who will defer their property purchase commented that expensive property prices as the main deterrent. HDB lessor with their minimum occupation period locked in, and the lack of personal savings are Other reasons to delay their this year include limited buying options at the time. PropNex surveyed more than 450 prospective home buyers, For the annual report, after the tightening of the additional buyer’s stamp duty rate in April 2K23. 83% of participants who did the survey, give a overwhelming response, think that prices of private residential condos will unlikely fall in 2K23. Also, 56% of participants who did the survey feel that prices of HDB this year are unlikely to fall. 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.

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