MORE AFFORDABLE: Housing policies a catalyst, respondents say.
CONSUMERS have become more optimistic towards being able to afford property in Malaysia due to the various housing policies implemented by the government last year, according to a survey by HomeGuru.
However, a majority of respondents feel that property prices will increase in the next six months as housing policies improve demand.
These are the findings from the Q4 Malaysia Property Sentiment Survey.
Q4 results show the lowest percentage of people, who think Malaysian property is expensive, compared to previous surveys. This time only 60 per cent of respondents feel all property types in Malaysia are pricey compared with 63 per cent in Q3, a huge majority of 73 per cent in Q2 and 66 per cent in Q1.
The survey was conducted to gauge concerns over property prices, rentals and purchase intentions over the next year, as well as home financing policies.
The survey conducted between January 12 and February 3 this year involved 2,583 respondents, half of whom fall within the RM5,000 and RM20,000 salary bracket.
The survey also revealed that 40 per cent of respondents are currently renting their residence due to unaffordable property prices.
Some 63 per cent, compared with 66 per cent in the previous quarter, are adopting a wait-and-see approach before buying or sell the property. They are probably waiting for more housing supply before entering the market.
Over half or 54 per cent of those surveyed expressed doubts over Malaysian financial institutions having effective home financing options.
However, 62 per cent agreed with Bank Negara Malaysia’s move that requires assessment of an individual’s financial ability before providing home financing options.
Close to half or 48 per cent of the respondents said that the upcoming general elections will witness a lacklustre performance in the property sector. Almost half of the respondents from Klang Valley agreed to this.
The survey respondents are HomeGuru.com.my users and a cross-representation of the Malaysian population residing throughout the country, including Sabah and Sarawak.