Buyers may have pulled back from the property market last month, partly due to the Hungry Ghost festival. In comparison to July’s bounty of developer launches, August’s numbers may seem pale.
Those who were looking would have only been keen if the prices were too attractive to pass up, and most buyers who have not already inked a deal in July may be waiting for the next few launches coming up in the last quarter of 2016. Non-Central regions property prices dropped 0.9 per cent, the largest in the 0.6 per cent overall fall in August.
Developers have been offering incentive schemes and discounts for the last couple of quarters. And the buyers may now be more aware of these possibilities and thus are less willing to fork out higher amounts for completed homes as they know new fodder may be coming their way soon. Small apartments below 506 sq ft have fallen the hardest at 4.5 per cent in a year-on-year comparison.
Long-term investment seem to be on the minds of recent buyers. Properties in prime locations still hold their own and while buying frequency has dropped, properties in the central region are gaining ground and popularity with investors. The incline of fall in prices and sales has gradually eased and prices have remained relatively stagnant over the last half of the year, providing a sentiment of stability.