Your search results

Property Market: Buyer’s Paradise or Seller’s Dreamland?

Posted by Jayson Ang on July 24, 2024

| All, Buying Tips, Opinion, Selling Tips

| 0

TLDR

The property market in Singapore post-Covid has seen a surge in HDB and private property prices, with a noticeable plateau in resale flat prices. The implementation of Plus and Prime schemes segregates upgraders from non-upgraders, impacting the market dynamics. Amidst speculations of a slowdown in private housing prices, there could be a shift towards more affordable housing options, potentially affecting resale condo demand. Factors like job market uncertainty, regulations, and rental income dynamics further complicate the decision-making process for buyers and sellers. To navigate these complexities, strategic real estate advice and market insights are crucial in making informed decisions.

2024 Property Market: The Good, The Bad, and The Story!

“Ah, the elusive dream of buying a house in Singapore. Many have uttered the words ‘easy peasy’ when it comes to home ownership here, but let’s be real, no one has ever actually said that. The road to owning a property in this bustling city is often fraught with challenges, twists, and turns. And as if that wasn’t enough, the arrival of Covid-19 has only added more hurdles to the already arduous journey.

But fear not, dear reader. As you embark on your quest to find the perfect condo, we’re here to guide you through the maze of downpayments and help you make the right decision as a first-time home buyer. So sit back, relax, and let us be your trusted source of information on all things condo-related in Singapore.”

Following the Covid pandemic, HDB prices experienced a meteoric rise, reaching double-digit growth rates. A mere comparison between the price disparity from the peak in 2013 to the present would be akin to comparing a crushed anthill to the majestic Mount Everest. However, the surge in private property prices has outpaced even the HDB prices, further widening the gap and overshadowing the performance of resale flats.

Unfortunately, the exorbitant growth in resale flat prices cannot be sustained, as it has already begun to plateau. As a result, aspiring upgraders will face an uphill battle in their pursuit to bridge the ever-widening chasm in the upcoming years.

In addition, the implementation of the Plus and Prime schemes have come into play, segregating those who wish to upgrade from those who do not. This means that those who have no intention of upgrading will no longer compete with those who do, as the former would not consider purchasing a flat that can only be resold after approximately 14 years.

Amidst the chaos of an impending tech industry apocalypse, with layoffs looming and economic fears on the rise, whispers of a possible slowdown in private housing prices have surfaced. Some speculate that this may result in a surge of demand for more affordable housing options, perhaps even in neighboring Malaysia. For the unaffected citizens of Singapore, this could be a golden opportunity. However, for those affected by the industry shake-up and facing reduced incomes, their attention may turn towards the resale condo market, where prices have become markedly lower than those of newly launched units. This surge in demand for resale condos may spell trouble for the median-income upgrader, who is already struggling to afford family units in new developments.

As the job market remains uncertain, some may be forced to part with their properties due to layoffs or reduced salaries. Yet, our debt levels and savings act as a counterweight to these potential sales. With regulations like the TDSR and the use of CPF savings for mortgage payments, even those who have lost their jobs may not be driven to desperate measures. After all, our human nature does not easily accept the idea of losing money on our prized properties.

But wait, there’s more to this delicate balancing act. The recent allowance for up to eight unrelated tenants in a single residence has lifted rental income, although the market may be showing signs of a slowdown. And while landlords rejoice at the increase in rental income, they must also bear the burden of rising interest rates and property taxes. Another case of good news offset by bad news.

Truly, the current state of affairs resembles a seesaw; every positive development is met with a corresponding negative one. And I, for one, refuse to hastily declare whether this is a favorable time for buyers or sellers.

Should You Buy, Sell or Wait?

If you’re reading this, you must be trying to figure out the best course of action right now: is it the right time to buy or sell?

It’s difficult to give an exact answer since everyone’s situation is unique and what works for one person may not necessarily work for you.

I can bring you a wealth of on-the-ground experience and a data-driven approach to provide clarity and direction. From beginners to experienced investors, our top-down, objective approach will help you on your real estate journey.

I can help you by:

Offering Strategic Real Estate Advice – I can help create a comprehensive plan to guide you through your property journey.
Connecting Your Home with the Perfect Buyers – Through stunning visuals, an effective communication strategy, and an in-depth knowledge of the market, we’ll ensure your home is presented in the best possible way to fulfill your goals.

You May Also Like …

Mandarin Top 5

Top 5 Factors to Look for in a Property Developer

Jayson Ang – March 13, 2024 –

With a highly competitive property market, it's crucial to choose a property developer that you can trust to deliver quality...

All Buying Tips

Looking To Buy An Older HDB Flat? Here’s What You Need To Know Before You Sign On The Dotted Line!

Jayson Ang – March 27, 2024 –

TLDR When considering purchasing an older flat, ensure to thoroughly inspect wet areas for leaks, check balcony conditions, watch out...

All Blog Posts Buying Tips Opinion Reports

Can You Still Make Money from Older Freehold Condos in Singapore

Jayson Ang – November 23, 2024 –

TLDR While freehold condos might seem like a solid investment, the rise of new developments and aging buildings cast doubt...

Mandarin Top 5

The Future Of Singapore Property Investing: 5 Trends To Watch Out For

Jayson Ang – July 10, 2024 –

The future of Singapore's property market is shaped by several emerging trends that reflect cautious optimism, enviable locations, and sociable...

All Buying Tips

How to Avoid Forfeiting Your Security Deposit: A Guide to Your Rental Property

Jayson Ang – July 30, 2023 –

TLDR When bidding farewell to your rented property, ensure the safe return of your security deposit by: Regular Aircon Servicing:...

Mandarin Top 5

Top 5 Places to Learn About Singapore’s Diversity

Jayson Ang – August 31, 2024 –

Singapore, a vibrant city-state in Southeast Asia, is well-known for its diverse culture and rich history. A melting pot of...

All Buying Tips

What Are The Key Factors That Contribute To Property Valuations And Why Are They So Crucial?

Jayson Ang – October 23, 2023 –

TLDR Understanding property valuations is crucial for both buyers and sellers in the real estate market. Property valuations involve two...

Mandarin Top 5

Top 5 Best Instagrammable Spots in Singapore

Jayson Ang – November 7, 2024 –

Singapore, a vibrant and modern city-state, is known for its stunning architecture, lush green spaces, and colorful streets. With its...

Mandarin Top 5

Top 5 : Regret Buying An Old Condo in Singapore

Jayson Ang – February 25, 2025 –

In the bustling city-state of Singapore, the real estate market is a dynamic and ever-evolving landscape. As of 2023, new...

All Buying Tips Opinion

Debunked! 6 Popular Property Myths of 2023, Including the 99-1 Loophole – Legal or Not?

Jayson Ang – January 4, 2024 –

TLDR This blog post delves into various aspects of the Singapore property market, including topics such as decoupling, 99-1 property...

Buying Tips Mandarin Top 5

5 Things to do When You Go For A Property Viewing In Singapore

Jayson Ang – June 6, 2023 –

5 Things to do When You Go For A Property Viewing In Singapore Here are 5 things to keep in...

All Buying Tips Opinion Selling Tips

Property Market: Buyer’s Paradise or Seller’s Dreamland?

Jayson Ang – July 24, 2024 –

TLDR The property market in Singapore post-Covid has seen a surge in HDB and private property prices, with a noticeable...

Mandarin Top 5

Top 5 Reasons : Why Do Singaporeans Still Flood The Property Market?

Jayson Ang – November 17, 2024 –

Singapore's property market has been a hot topic of discussion for many years, with its resilience and growth attracting both...

All Blog Posts Buying Tips

5 Facilities Selling Points Condo Sellers Should Emphasize To Entice Potential Buyers

Jayson Ang – May 23, 2023 –

TLDR When selling a condo, focusing on highlighting key facilities like gyms, swimming pools, family-friendly amenities, community gardens, and clubhouse...

Mandarin Top 5

5 Tips : How To Choose The Right Property Agent To Help With Your Singapore Property Investment

Jayson Ang – June 6, 2024 –

Choosing the right property agent is crucial to the success of your Singapore property investment. A good agent can provide...

All Buying Tips Opinion Selling Tips

Is Lifelong Renting a Viable Option in Singapore?

Jayson Ang – March 6, 2025 –

TLDR In Singapore, while the majority aspire to own homes, a small segment opts for lifelong renting, driven by personal...

Buying Tips Mandarin Top 5

Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons

Jayson Ang – June 26, 2023 –

Why Chinese Investors Should Not Be Deterred by ABSD: 5 Reasons Here are the top 5 reasons why Chinese investors...

All Blog Posts Opinion

Case Study : With Income Of $180K per Annum, Which Options Should I Choose?

Jayson Ang – February 28, 2023 –

TLDR When making property decisions in Singapore, it's crucial to consider various factors like affordability, loan-to-value ratios, and CPF requirements....