The number of private home transactions fell 40% from Q4 2007 to Q1 2008.
But despite this, the papers chose to use less scary headlines like “HDB upgraders driving force for property market” and “HDB upgraders hold key to property market turnaround”.
DTZ property consultancy found that the number of HDB upgraders fell by 25.8%, which is nothing compared to the 44.4% decline in the number of private homes bought by people already with private home addresses.
To me, whether it’s 25.8% or 44.4%, it’s still a BIG decline.
In my opinion, the disparity is probably due more to speculators and foreigner investors being spooked by the downturn, than HDB owners becoming more attracted to upgrade.
Reference: yesterday’s my paper and this link (asiaone).
Thanks for the link Admin.
hoping for HDB price to fall as well. now it’s still priced quite high.
When I saw the BT Headline “HDB upgraders driving force for property market turnaround yada yada…..”, knew straight away that it was an attempt to stir up market sentiment. Agents and firms need to pay off their mortgages and cars loans,whether market up or down..Can expect more interesting/misleading headlines to emerge..Interesting point is that HDB upgraders are the selected victims/fallguys..they so gong meh? Other demograhic groups, yuppies, divorcees, expatriates,peeps with big noses etc beware, you could be next month`s “driving force”..
Check out today’s Straits Times last page where the article’s headline screams out loud that the property market is recovering.
And then check out today’s TODAY, where the same statistics are given a more realistic report.
It’s always in the property consultant firms’ interest to push the market. Take their “markets will continue to go up”, “market downturn will not last”, with a big pinch of salt.
I strongly agree with all the points mentioned above, never should anyone read and believe the media with regards to the recent report on property price. It’s totally absurd and non-reflective of the current market sentiment. If you talk to true friend in the property industry, they will tell you how bad the situation is , most of them had already eating grass and drinking plain water. Stay out of trouble and keep your cash, be prudent in your spending. Be happy with life.
The subprime crisis is not over and recession is coming. Now inflation is up up up. Must tighten the belt. Those with spare cash will appreciate what is saving for rainy seasons.
This is my personal view and finding of the SG private property market posted at: http://www.waynekoh.com/2008/06/singapore-private-residential-property.html
I’m hoping to accumulate enough cash to pick an affordable and investment-worthy unit in 2010-2011 when I think the market will be at the bottom.