Govt not doing enough to curb soaring house prices: survey

[irisng]

By Romesh Navaratnarajah (https://plus.google.com/100211889324198007685/about?hl=en):

The government’s recent cooling measures to moderate property prices are still not enough, according to 60 percent of the 662 online respondents in PropertyGuru’s latest Property Sentiment Survey for the second quarter of 2012.

This is 13 percent higher than the 47 percent recorded previously in Q1.

There was some good news though. The Property Affordability Sentiment Index (ASI) was up at 87 from 80 in the previous quarter, reflecting a ‘cooling off’ from the sky-high prices seen since Q2 2012.

This was supported by the larger number of Singaporeans who believe that property prices are unlikely to rise. Compared with last quarter, 10 percent more respondents do not expect prices to move up further.

But only 19 percent plan to make property purchases in the next six months even though prices are not expected to grow.

At the same time, the majority still feel that property prices are costly. For HDB flats, 37 percent reckon that prices are too expensive with 36 percent saying they are expensive. A significant number (84 percent) feel that private apartments and condominiums are pricey.

Overall, Singaporeans were less satisfied with the real estate climate in Q2 with only 24 percent satisfied with the property climate, the second lowest level recorded since Q3 2011. 75 percent of those dissatisfied said properties are overpriced, while 64 percent pointed to prices being expensive.

Meanwhile, those who are satisfied highlighted the country’s healthy economy (40 percent), good capital appreciation in property investment (39 percent) and low mortgage / interest rates (38 percent).

Generally, satisfaction in the real estate climate is declining again, clearly seen in the higher proportion of Singaporeans still very dissatisfied.

[irisng]

Wow, cooling measures still not enough ah? IMHO, property prices increase has partly to do with the increase in population too. For so many years, the property increase is not so great but recent 2-3 yrs, property prices shoot up by so much.

[star]

Continuous printing of money by all countries in the world thaf cause it. Alot of people blame government here but it is the Continuous printing of money by all countries in the world thaf cause it.

[flxcat]

By merely mentioning HDB and private condo are still expensive but without mentioning what is their fair value of property should be, this survey does not serve much of an objective in my view. :)

[radha08]

MTB=Miss the BOAT:D

[smartboy2]

dont blame on prices increasing.
blame on your foresightedness to not act fast :D

just hope the govt will do something to draw a line between private/HDB

[Regulators]

You expect government to curb so that hdb upgraders can live in ccr? :doh:

[irisng]

With the population increase, demand for houses also increase. When demand > supply, prices will increase too. Likewise for the car, I think the same logic applies too. Not only people buy house for own stay but they buy it for rental too. Who they rent it to, majority will be the FW/FT. I know of a Malaysian lady who come to S'pore to work. She said she rents a unit from a China owner for $250 per bed ($1,000 per bedroom with 2 double-decker beds) but the owner has partition into 7 bedrooms, so the total rental is $7,000:scared-1:.

[hyenergix]

Interestingly, propertyguru did a similar survey in Malaysia and the people said that same thing as the people in Singapore.



76% of Malaysians unsatisfied with property curbs

May 21, 2013 - PropertyGuru.com.my

By Farah Wahida (https://plus.google.com/104225638062784646148/about):

The majority of Malaysians feel that the government is not doing enough to control the increase in home prices, according to the sentiment survey by PropertyGuru Group for Q2 2013.

Specifically, this belief was held by 76 percent of all the respondents. But this was more acutely felt in areas that witnessed high foreign demand for houses, such as Kuala Lumpur (81 percent) and Johor (69 percent).

On the other hand, 35 percent out of the 851 respondents were optimistic that Malaysia’s real estate market would remain positive, with four out of five expecting price hikes over the next six months.

Respondents were also in favour of tougher curbs for foreign buyers. Notably, nearly half wanted the government to raise the minimum purchase from RM500,000 to RM1 million price for foreigners who want to buy houses in Johor and Penang.

Moreover, “despite the growth in price, 74 percent of respondents intend to buy at least one property type (either residential or commercial) within the next six months, an increase of 10 percent as compared with the previous quarter,” said PropertyGuru.

“This is because of the perception that the more expensive a property becomes, the higher capital appreciation it will bring in the long term.”

However, this creates a dilemma. While the spiralling prices make it more challenging for Malaysians to own properties, investing in real estate becomes more attractive due to their appreciating value.

“Affordability is also a bigger concern for the younger adult population. There is no doubt that there are enough local funds to fuel the market and allow the government to control prices a bit better without relying on foreign investments,” added PropertyGuru.


Farah Wahida, Editor of PropertyGuru, wrote this story. To contact her about this or other stories email [email protected] ([email protected])

http://www.propertyguru.com.my/property-news/2013/5/9356/76-of-malaysians-unsatisfied-with-property-curbs (http://www.propertyguru.com.my/property-news/2013/5/9356/76-of-malaysians-unsatisfied-with-property-curbs)

[leftfield]

this kind of survey, the sample is skewed. Typically only the unhappy ones will respond to a survey like this. :doh:

[DC33_2008]

The question is the people who is in the survey are majority investor or otherwise. :D
this kind of survey, the sample is skewed. Typically only the unhappy ones will respond to a survey like this. :doh:

[狮子王]

this kind of survey, the sample is skewed. Typically only the unhappy ones will respond to a survey like this. :doh:

I could not agree more. BTW, I love your avatar, he is as handsome as me.

[TOKARA]

According to TODAY newspaper, Govt did enough le lol how contradict

[ay123]

buyer sure say not enuf, seller will say toooo much

[Arcachon]

http://finance.yahoo.com/news/bernanke-signals-fed-maintain-stimulus-140054253.html

How to do enough to stop the FED from printing money.

85 Billion a month.

Singapore only print 22 Billion a year.

http://www.tradingeconomics.com/singapore/money-supply-m2

1995 100 Billion

2013 500 Billion.

Huat Ah...

http://www.iproperty.com.sg/news/2140/Probably-no-property-bubble-here-yet-MM

Jun 26, 2010 - By:

There is probably no bubble in Singapore's property market, Minister Mentor Lee Kuan Yew said yesterday.

The sharp price rises that have been seen are 'part of the total liquidity in the whole world system', said Mr Lee, noting that interest rates are low, and foreigners still see properties as affordable.

'Even if we cap our excess, people in Hong Kong, Indonesia, will say, compared to what I have to pay, Singapore is cheap, let's buy it,' he added.


Hope those with Tons of cash in the Bank know what MM is saying in 2010.