[caption id="attachment_56341" align="alignleft" width="362"] PropertyGuru CEO Steve Melhuish[/caption]
Singapore-based PropertyGuru Group says its latest survey of the local market shows five per cent more Singaporeans intend to purchase property compared to last year with 48 per cent saying they're planning to buy over the next six months.
The PropertyGuru Property Affordability Sentiment Survey 2016, released regularly aims to provide insights into the current mood and attitudes towards the Singaporean property market.
The latest Survey shows an increase in 'satisfaction' with the local property market, because it's perceived there are good long term prospects for capital appreciation; also a key reason for satisfaction cited last year.
28 per cent of respondents say they are very or quite satisfied with the current market, up from 26 per cent during the same period in 2014.
Meanwhile, the survey also reveals overall dissatisfaction with the Singapore property market is more prevalent than satisfaction with 44 per cent of respondents saying “overpriced” property is a major concern.
Despite this a majority of respondents also believe the prices for local residential housing overall will stabilise or fall further over the next six months.
Finally, the number of respondents who think government is doing enough to make housing affordable increased by nine per cent compared to the same period in 2014.
42 per cent reported the government is doing enough to make housing more affordable, while 68 per cent agreed with the government’s current property market cooling efforts.
“PropertyGuru’s latest Sentiment Survey results show that although pricing concerns remain, overall mood is more positive with almost half of respondents saying they intend to buy this year," says PropertyGuru CEO and Co-Founder Steve Melhuish.
"We know that finding your ideal property can be daunting and without transparency or relevant information, the property buying process can be frustrating and confusing.
"Through our regular surveys, research insights, tools and media rich content, we aim to help millions of consumers make more informed and confident decisions every month."
Key Take-aways of the Singapore survey: