Which means we should just do it...JR8 wrote:We were looking to buy a place in 2009 but our agent (a relative) suggested we wait as the governments cooling measures were going to bring prices down. Except they didn't.
I think that for the vast majority of people trying to time the market is a mugs game.
It's just my opinion. For example I have a friend who lived in London Zone2. Sold his place in c.2002 because he thought prices would drop significantly. He then rented until 2010 when he finally accepted that prices were not going to drop, (in fact they probably had the strongest bull-run in history). He then bought again in outer London in 2010, and prices have since dropped. Almost perfectly counter-cyclical! And this guy is an investment banker so should know what the economy is doing.skipper wrote: Which means we should just do it...
Are you still looking to buy a place or you already went against your relative's suggestion?
I think the government really wishes that were true! Any government for that matter.JR8 wrote:I think it is also complicated because of the nature of the SGn property market. I wouldn't call it rigged, but one entity just happens to own everything and control building on it and immigration. You have to wonder how much capacity there is for prices ever being allowed to fall.
teck21 wrote: I think the government really wishes that were true! Any government for that matter.
But the govt do control the building land, and they strategically release and withhold sales of it to developers at times. I can't think of many (or any other) countries that can or do do that. I'll leave it at that.
Quick look at the property values over the past 20 years will reveal how much and how quickly Singapore property values have fallen at times. And stayed that way for years sometimes.
Even the best controlled system cannot predict tail risks like the Asian Fin Crisis, or indeed the current one. Construction and government legislation have longer lead times than the events that require them. And you can't take swathes of housing out of use during a downturn.
Boom and bust, feast and famine. That's just the way it is.
Ah but, at least in the UK Gordon Brown eradicated boom and bust ("Their will be no more boom and bust") er, didn't he?
Reversion to the mean is the only certainty apart from death and taxes.
But the mean always moves
Interesting to read a week or so ago how residential rental yields in Singapore are now at their lowest level since 2000, even lower than the absolutely depressed markets of 2003-2006.
The yield is probably one for another separate topic. I was interested in your term 'depressed' for the 03/06 market. I'd have called it flat-lining myself. But horses for courses eh?
If it was a straightforward sale, we don't need to pay the agent. We found the unit and negotiated directly.bluenose wrote:We bought in Queenstown, nice condo, nice area, ideal for services and we got a decent price for Singapore....and we paid the agent....NOTHING!
The seller paid the agent!
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