Home buyers undaunted by cooling measures, most will not defer property purchase this year: PropNex
about 56% of respondents do not plan to defer their property purchase this year despite market uncertainties and a new round of property cooling measures, According to the Home Buyers’ Sentiment Survey Report by PropNex Realty. 44% of respondents say they will put their purchase decision on hold, In comparison, with 48.8% of this group citing higher property prices as the main deterrent. HDB flat owners still locked in their minimum occupation period, and insufficient savings are Other reasons to defer a property purchase 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. an overwhelming 83% of participants who did the survey think unlikely that prices of private residential condos will fall in 2K23. Also, 56% of participants who did the survey do not think likely that prices of HDB to fall this year. In addition, the recently measures for building and construction implemented by government, the harmonisation of floor area in September 2K22, will makes the gross floor area for sale of new launches development and affect overall breakeven cost for real estate developers. the private and public resale markets will have a trickle-down effect on as the higher cost of replacement homes will lead to firmer asking prices by sellers. various property cooling measures collectively as well as higher interest rates, continue to work its way through the residential housing market. Many buyers feel new condo prices will generally appreciate at a faster pace compared to resale properties that are older. Because of the fresh 99-year lease tenure, brand new property and facilities, as well as the potential for capital growth due to the first-mover advantage, are mainly the reason why many prospective buyers are willing to pay this premium
