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Total loan applications moving up, positive news.

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“There’s too many negative news out there!” Agree? Well, perhaps not since some believe the situation is dire. When people are negative, they stop doing any investment at all. They believe their investments will not be giving a good result. Sentiment in Malaysia today for the property market is generally negative. “I am worried about the potential crisis.” (Read an earlier article here explaining the signs for such a crisis) “The property prices will continue to drop I believe.” (For good areas and good properties, regardless of sentiment, the prices do not drop). One way to look at the situation is through loan applications. Higher means good, lower means bad. Too high may mean speculation though.

Article in propertyhunter.com.my According to the domestic central bank data, loans for residential units are rising due to the government’s initiatives to reduce property overhang and re-boost purchasing interest. According to statistics from BNM, total loans applied for residential properties purchase stood at RM19.72bil in January 2019, 16.9% higher than December 2018 and 4.7% higher than January 2018. The approved loans for residential property purchase mounted up to RM8.08 billion in January 2019. An analyst of a research house said, “Consumer sentiment improved quite a bit after GE14. People felt safer about making purchases, especially those who held back on buying prior to the election.” According to REHDA, developers are optimistic, especially for the second half of 2019. Earlier article here: REHDA’s members are optimistic. Article in propertyhunter.com.my

Come on, share this news a bit yeah. I guess we have enough of ‘bad news’ such as oversupply due to unsold units which is scaring many first-time home buyers. By the way, oversupply is unsold but unsold is not necessarily oversupply yeah. You build wrong home types in wrong locations with a wrong price, what do we expect? For people to close their eyes and buy them? Approved loans amounted to RM8.08 billion yeah. This tells us that Malaysians continue to buy homes. Just remember to do our due diligence and not buy because of DISCOUNTS alone. That’s suicidal in the long run. Happy following.

written on 23 March 2019

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Article written and edited by Charles. News article summarised by Dina Batrisyia.

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