Could it be that the competition from new properties are finally kicking in? Besides the property cooling measures such as loan limits and raised stamp duties, are buyers remaining cautious this year as they watch and wait?
Property analysts are expecting the property prices to remain mostly stable for the rest of the year, with buyers and investors beginning to suss out good deals and snapping up units. Further property cooling measures seem unlikely and any shifts in policy would probably be in favour of sellers. It goes without saying, this year might be the year of the buyer, but the next would be anyone’s guess.
In April, figures showed that buyers are no longer underpaying for properties and are purchasing them at market value. The biggest rebound came in District 16. The number of resale transactions, despite all the news about property prices and transactions falling, have been growing overall on a year-on-year basis. That itself is promising news for the industry and investors.
Thus the slight drop in resale private non-landed properties last month could be due to new launches such as that of Northpark Residences in Yishun. The relationship between new and resale, private properties and HDB flats, will always be symbiotic. But without a doubt, all will be tied to global and domestic economies and policy changes.
