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Agent Summit Jan '15 Takeaways
19 January 2015
| 10 key takeaways from the PropertyGuru Agent Summit Jan ’15 The recently concluded PropertyGuru Agent Summit was a knowledge-packed session in which industry heavyweights shared priceless insights on how the property market will be like in 2015. Here are the top 10 key takeaways at-a-glance: The downward trend seem like it will continue for a few more quarters The longest downward trend the nation has faced was between Q3 of the year 2000 all the way till Q1 of 2004. The second longest downward trend was for 10 consecutive quarter between Q1 of 1984 to Q2 of 1986. With the current trend only stretching a mere 5 quarters, we might only be halfway through the slow market. Tighter lending conditions, large impending supply and lack of buyers have contributed to contractions in the market In the near term, the large number of properties available (of which are being readied for the impending population growth) will be felt in a more pronounced sense. Further from that, the tighter lending conditions have also affected the pool of buyers an agent can target as it is now more difficult for a property seeker to get a loan for their second property. There is an overall upward trend in terms of rental volume in the non-landed residential market The rental market as opposed to the sale market is still looking at an overall upward trend. One of the profile of people renting are of those who have sold their properties during the good times, locked-in a profit and are now renting while waiting for prices to drop further before they purchase their own property again. In the rental market, what is important is transaction volume There is an overall downward trend in terms of rental prices in the market right now. This should not be a concern for agents. What is more important is the total number of transacted rentals. Agents will have to change their mind-set in that if they can get a good price, of course, go for it, if not, they have to manage their landlord’s expectations and try to lock the transaction in rather than wait for a high price. You as an agent can make a difference and push that rental deal through How an agent portrays the unit and what he says about it, from the view to surrounding amenities can make or break that rental deal. It is all about how you can position the unit as one that is highly demanded and highlight, with honesty, the good points of the unit. Developers are forecasted to continue to adopt a similar approach of selectively releasing units and special discounts Developers have been selectively cutting prices and putting out stack of units of which they put out at opportune times for a limited period. This trend does not seem like it will change as the property surge in 2012 has provided them enough in the reserves to be able to hold-out in the current market. Pressured selling may increase in 2015 The amount of mortgage enforced sale has gone up and there may be an increase in pressured selling. This is due to various reasons including the softening of the rental market, affecting the loan repayment for some investors. This though should not be seen as a ‘buyers’ market yet, as, in this sense, ‘low-balling’ has not kicked-in yet. Price quantum remains key Buyers are starting to feel the full impact of the cooling measures. It is forcing buyers to be very selective as they are constrained by the amount of loan they can get. As such, price quantum remains key. A property costing below $1.5mil will be easier to move than that above $1.5mil. Commercial and Industrial properties might provide reprieve for agents Various reports and articles published in the past few months, have shown that the property market looks to be in favour of the commercial and industrial properties. With the government not actively launching much office land for bidding, it seems like the supply for office spaces are not meeting the demands for it. Commercial and Industrial properties provide good capital gains and ROI for investors Based on figures presented, there are plenty of evidence that commercial and industrial properties provide good capital gains over a short period of time for many who have invested. One stunning case that was shared showed an investor who bought an industrial property at CT HUB 2, sell his property within 4 days and made almost 5 times the amount he had paid! _______________________________________________________________ |
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| The PropertyGuru Agent Summit was held on 14 January 2015 and attended by over 500 agents keen to learn about the property market outlook for 2015. Speakers and topics include: – Property Market: Hindsight and lessons that will be useful for 2015 Getty Goh, Director of Ascendant Assets & Co-founder of CoAssets.com – Tips to find success in the residential property ‘for rent’ market for 2015 Evan Chung, Vice-President, DTZ Property Network Pte Ltd – Trends & opportunities in the Singapore residential ‘for sale’ property market for 2015 Eugene Lim, KEO, ERA Realty Pte Ltd – Elevate your sales to greater heights with commercial & industrial properties in 2015 David Poh, Managing Director at Asia Wisdom Group To get all the tips and insights shared at the summit watch the full video recordings of all the presentations here! |
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