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My 2014 wish for property market

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After reading through so many articles, especially The Edge which their last issues focus was on how tough 2014 may become, I was a little affected. However, I found many good news too. It seems that in November in Singapore, 95% of whatever was newly launched was SOLD! It mentioned a few points which I mentioned before in earlier articles. ‘the right price still sells’, ‘market it right’. I heard on the radio too the the US economy is showing very positive signs. As for Iskandar, Medini is still exempted from any of the cooling measures announced.

For 2014, following are my few wishes:

1) Developers be more responsible. Should stop bulk selling because housing is a need. Should not be a fast money generating machine. If every development sells fast but by bulk, sooner or later, no one can afford to buy your new properties anyway.

2) Governments, both state and federal to really set KPIs for the building of affordable homes. Set a target, follow it and report it quarterly basis. The people who needs affordable properties would be looking very closely. If none are built even after so many years of announcement, it’s time to let them hear your comments.

3) HBA to stop blaming developers all the time. There are many good things which HBA is needed but fighting the developers will not make houses cheaper, that’s for sure. How about identifying potential pieces of idle/unused land parcels and lobbying the government to use the land for affordable housing and at the same time, work with some developers who can come up with great plans on maximising that piece of land? Think Win-Win-Win for all parties.

4) REHDA to stop saying all the time at every press conference that property prices will continue to go up. This also affects the mind of sellers who continues to want to sell ever higher, thus contributing further to ‘too fast’ rise in property prices. Surely there are a lot of REHDA members who focusses on affordable segment. Why not see if you can negotiate for better incentives for these developers?

5) Buyers like me, really think, study, rethink and do more homework before buying. This allows me to buy properties which are more ‘valuable’ instead of high priced ones and ensures I do not buy from sellers who priced their properties too high. It also allows me to understand if I drive just 10 minutes more, the prices may actually be up 30% cheaper! E.g (Mutiara Damansara vs Damansara Damai or in Penang, it would be Queensbay area vs Sungai Ara)

6) Banks, well, just be as competitive as possible with your rates. The lower the better. 🙂

Happen or not, I do not know but there’s my little wishes for 2014.  HAPPY NEW YEAR everyone!

written on 30 Dec 2014.

Next suggested article: Would 2014 be tough a tough year? 

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