Those who buy property are more likely to do so in the first six months of 2017, according to a survey conducted by PropertyGuru.com.my. File Photo
KUALA LUMPUR: Some 58 per cent of Malaysian consumers are more likely to buy a house within the first six months of 2017, despite the sluggish property sector, according to a survey by PropertyGuru.com.my.
Asia’s leading online property portal which conducted the ‘Consumer Sentiment Survey’ at end-2016, also revealed that 38 per cent of consumers had expressed overall satisfaction with the local property market.
“There has been a 10 per cent increase in the overall satisfaction, from 28 per cent recorded last year…this shows positivity as house buyers accept pricing realities and readjust strategies for 2017,” said PropertyGuru Malaysia Country Manager Sheldon Fernandez in a statement today.
He said with new game changers such as the Mass Rapid Transit lines and Transit Oriented Developments, property prices would remain stable or continue to appreciate, albeit at a moderate pace.
“Hence, consumers are now having more realistic expectations and are adjusting to conditions accordingly.
“Potential house owners are now looking to buy properties that are further away from the city, but with good transportation infrastructure, or choosing smaller units in the city centre or other urban locations,” Sheldon said.
However, he added, consumers were still concerned about many factors; 59 per cent said that the overall house prices were still expensive, followed by ‘timing’ (44 per cent), and inability to secure loans and capital for downpayment (39 per cent).
Meanwhile, the new PropertyGuru Affordability Sentiment Index showed a low score of 37 points, indicating that despite the market downturn, almost two-thirds of consumers expressed discontent with house prices despite the deluge of discounts and offers by developers.
The issue of unaffordability is further exacerbated by rising living costs.
Given the overall scenario, PropertyGuru said home ownership would continue to be a challenge for many Malaysians in 2017, especially those under the Generation Y demographic bracket. – Bernama