6-month stamp duty exemption to all, not just first-timers (good suggestion)

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Penang Rehda chairman Datuk Toh Chin Leong is urging the federal government to consider opening up the 6-month stamp duty exemption to all house buyers instead of just first-time purchasers. Article in TheMalayMail.com He shared that the association has submitted the proposal for the government’s consideration. He said, “We welcome the government’s move to introduce stamp duty exemptions for first time home buyers for properties priced between RM300,001 and RM1 million for six months but we are appealing to the government to extend this to all house buyers so that we can clear more unsold stock.” Besides this extension, he said Rehda is also appealing to the government to increase the property price threshold so that the exemption can also be extended to those buying properties from RM300,001 up to RM2 million, instead of RM1 million.

With all these extension and exemption, the unsold units could be cleared faster. On the Penang state government’s announcement yesterday of a one-month exemption of the three per cent approval fees imposed on foreign purchasers, Toh said the period was too short. He said that the association hopes that the state government could extend it up to June 30 because promotion of the properties needs time. He also said that Penang property market is still a very good investment destination despite the market being soft for the past two years. Toh shared that the perfect time for prospective home buyers to buy would be next month’s Malaysia Property Expo (Mapex) here in Penang. He said, “All properties on exhibit will have a 10 per cent discount and buyers will also get these extra perks such as the stamp duty exemptions.” Next month’s Mapex, will be held at Udini Square, is from February 7 to 10th. Article in TheMalayMail.com

Let’s understand that if we are relying on just first-time home buyers, they are unlikely to be the ones leading the market. It’s their first time and when they see the figure of RM300,000 for that affordable home, they feel dizzy. Even those who have worked for a few years will still feel RM300,000 is just too big an amount. This is why measures must be wider and not focused on just first-timers. Beyond just buying a home, some of these households may be better off with renting first and own later. Rent-to-own scheme would be much more suitable for them. The National Housing Policy touched on these too which is good. Earlier article here. Happy viewing and comparing because even deciding whether to buy or not to buy. If we did not find anything which meets our requirements, please do not buy. Cheers.

written on 30 Jan 2019

Next suggested article: We should always worry about property bubble potential right?

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