The first half of February might have been duller for the property market, as expected what with the calendar year just beginning and preparations for the Lunar new year in the way. But now that festivities are almost over, what can we expect for the rest of the year?
Photo: South Beach Residences
Property analysts are predicting a year of stabilisation for the market, with most of the worst almost over, though it may be too soon to expect a market recovery. January’s slight rise in resale private property prices and 2015’s increase in transaction volume may boost market sentiments.
They are however expecting the HDB resale market to fare better compared to their privately-owned counterparts. As the volume of these public housing are closely monitored by the government and are often considered the minimal living requirement (aside from those in the rental market), resale HDB flats will find potential buyers, though the wait may be longer than before. Resale flats with low or no COV (cash-over-valuation) can now more readily find buyers. HDB resale flat prices have fallen only 1.5 per cent last year, compared to 3.7 in the private property market.
This year, sellers of properties near the newly-opened Downtown Line mrt stations can expect more interest while buyers seek or hold out for private property bargains in the market as developers try to sell off unsold stock. With a much-depressed luxury property sector, buyers would be wise to keep an eye out for good deals in the prime-districts and central regions in developments such as South Beach Residences, New Futura and Paterson Collection.