Developers, take note on what respondents think
The Star recently did a StarProperty.my Buyers’ Sentiment Survey which shows that the majority of the 3,000 respondents are keen to make a purchase in 2019. At the same time, they show a reluctance to rent properties for the long term.
On the question of buying a property in the next 12 months, 42% of the respondents answered yes. While 34% are not thinking of buying now, 24% are undecided — making them potential buyers. These numbers represent an about turn from last year’s survey results where respondents were uncertain and confused about their property decisions. The certainty shown in this year’s survey reflects the optimism in the market.
A whopping 84% chose buying over renting, indicating the reluctance of Malaysians to rent properties for long periods. The findings of the survey also reveal that the price of property (with a weighted average of 3.85) tops the list of factors that influence buyers, followed closely by safety and security (3.82) with location (3.80) in the third spot.
As for affordability, properties in the range of RM300,000 to RM500,000 are most favoured by the majority of respondents.
The next range is RM500,001 to RM700,000 and only 5% of respondents are looking for properties costing more than RM900,000. Affordable housing projects by private developers are often in the RM300,000 – RM500,000 range which falls within the budget of the majority of respondents for 2019.
The most popular location among buyers is Johor Bahru (50%), followed by Kuala Lumpur (19%), Puchong (18%) and Petaling Jaya (17%). Shah Alam, Cheras and Kajang are also among the preferred locations.
Johor is the most popular choice with 31% of the total respondents showed an interest in residential properties (80%) in 2019, followed by commercial properties (33%) and industrial properties (7%). Moreover, JB also tops the list for investment location (48%), beating Kuala Lumpur (31%) with Puchong and Petaling Jaya recording 18%. Other favourite investment locations include Cheras, Penang Island and Shah Alam.
Overall, 44% of respondents feel that the interest rates for housing loans are quite high. 64% of respondents strongly believe that there is an oversupply in the local property market and 53% of respondents believe that Malaysian land should be for locals only.