So i got interviewed on Vasantham Express..Great experience..Actually there was not enough time to explain a lot more details, so here’s my take of the outlook for property market.
First and foremost, to describe the market, is an uphill task. How would you explain the throngs of people buying condo units at showrooms? BTOs are oversubscribed 3 times over. So I can deduce that the market is buoyant despite the governmental measures. Still there are people waiting at the sidelines, just waiting for the prices to slip. But don’t forget that the the property market has been on an up-down motion moving upwards. This is particularly unique to Singapore’s property growth
As for the mainstream HDB dwellers, good news for buyers as a whole. COV or cash-over-value has slipped quite significantly, albeit overall prices of homes has gone up, based on valuation. Thats good news for sellers. You need to understand that HDB valuation is based on houses sold 2-3 months ago. Until valuation and COV meet, where market will be stabilized, it will still be a question of demand and supply. Buyers will now consist mainly of Singapore Permanent Residents (SPRs), and also those who can’t wait for the BTOs or ECs that will be built in 3 years time.
Watch this space as I keep updating on the latest trends