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Happy news. Secondary property market slowed down but is back to pre-MCO levels.

Frankly, when MCO started, it’s a certainty that the secondary property market slowed down. I mean, even buying grocery is limited to the ‘ketua keluarga’ which fortunately is me. Else, I would have gone crazy if I am not allowed to come out and spend some money to buy groceries. What about you? Okay, they say buy grocery, did they say you can also buy secondary property? Answer is no and the property developer’s sales galleries were closed too. In other words, due to the circumstances, the secondary property market slowed down.

By the way, even the primary market would have slowed down too though we could see many developers saying that because they moved to online, they continue to enjoy bookings. Perhaps it is true that some enjoyed good bookings, especially those targeted at home sweet home buyers versus those looking to buy investment products. I mean if the baby is really coming and I need a new home and I still have my job, it is still a go-ahead for me.

secondary property market slowed down

Article in themalaysianreserve.com . When the Movement Control Order (MCO) started, it affected the transactions in the secondary property market tremendously. Briefly, the secondary property market slowed down because no one could view homes.

Besides this, the government-backed Home Ownership Campaign (HOC) offered only in the primary market too.

Malaysian Institute of Estate Agents (MIEA) president-elect Chan Ai Cheng said the secondary market was severely affected by the Movement Control Order (MCO) as physical property viewing, which is a must for sub-sale homes, was made logistically complicated for buyers. She said, “Property tour is a must in order to allow potential buyers to see the upkeep, interiors and renovations made to the property on offer, among other factors.” She also shared that this slow down did not last. By June, the number of transactions in the secondary market has returned to pre-MCO number of transactions. Please do refer to the full article here: Article in themalaysianreserve.com

If you think the secondary property market slowed down, then it’s a good time to think about the secondary property market too. No one is buying property. Please also see secondary As for the HOC, just remember that not all properties are the same just because they offer the same discount in percentage. Understand what you really need and compare the prices. Higher discount still have nothing to do with undervalued properties.

Higher prices do not mean it is inferior versus cheaper products. There are certainly reasons why some locations are more expensive and why some locations are much cheaper yeah. My good friend always say that one should just buy where everyone wants to buy into. My take is simple, if it’s your home, buy where you are most comfortable with. If it’s for investment, then look at rental as a start and not the location or the price. Think about it. I think it makes perfect financial sense. Happy deciding.

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Next suggested article: Slow property market has 7 advantages for the property buyer

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Charles Tan The Founder The Writer Kopiandproperty
Charles Tan

Charles is Founder of kopiandproperty.com He writes from his investment experience for the the past 20 years in investments including property, stock, unit trust and more as well as readings and conversations with many property gurus in the industry. kopiandproperty.com is an independent property blog which is not affiliated to any media company, property developer or even real estate agencies.

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