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Property market issues of today, explained

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The issues include residential overhangs that have gone into the billions, high house prices, oversupply of houses in wrong locations and high household debts.

In an informative but long article by Thean Lee Cheng in The Star, the author talks about several issues affecting the property market today.

“Prices are unlikely to increase while there is an overhang of 40,000 unsold new houses.” Thean used the right word instead of using “oversupply” which doesn’t reflect the actual demand for affordable properties. The government wants to ensure more people have a roof over their heads at an affordable price but not by pushing down property prices that have been transacted.Banks have their exposure in the housing market and will be worried if all properties prices suddenly drop. This explains why property prices have not dropped despite a slowdown in transaction numbers since 2013.Homes in some wrong locations may be remedied with connectivity.

The rate of unemployment continues to be low and there are very little speculative activities pushing up property prices.As for speculative activities, try to buy an overpriced property today and see if the bank will approve the loan as it is.

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