{"id":57499,"date":"2022-09-05T17:28:40","date_gmt":"2022-09-05T09:28:40","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=57499"},"modified":"2023-08-04T17:45:39","modified_gmt":"2023-08-04T09:45:39","slug":"singapore-consumer-sentiment-study-2022","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/singapore-consumer-sentiment-study-2022\/","title":{"rendered":"Singapore Consumer Sentiments Study 2022"},"content":{"rendered":"
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99.co’s Consumer Sentiments Study polled 790 respondents across various demographics to find out how people feel about the local property scene and what they think is worth the money and consideration when deciding to purchase a home. The study was conducted in Q2 2022 and released in Q3 2022.<\/p>\r\n\r\n\r\n\r\n

Key observation #1: <\/span><\/strong>Homebuyers have an average budget of S$1.2-2m for new launch condos, or S$1.5m-3m for resale condos<\/strong><\/span><\/h1>\r\n\r\n\r\n\r\n
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  • 54.1% of our respondents live in HDB flats, with 38.5% in a condo and 7% in landed properties. 0.4% live in an integrated mixed-use development.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
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    • While 29.5% aren\u2019t looking at a property purchase at the moment, 24.3% of respondents are interested in purchasing their first property<\/strong>, with 20.4% already owning their first property and looking to upgrade to their second<\/strong>.\u00a0<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
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      • 10.4% want to buy another property to rent out, and 11.8% of people want to invest in Singapore property.\u00a0<\/span><\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n
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        • More than one-third (43.3%) of respondents are looking to purchase condos for their own stay, while 31.5% eye them as an investment asset.\u00a0<\/span><\/li>\r\n
        • Respondents shared that they have an average budget of S$1.2m-2m for new launch condos or S$1.5m-3m for resale condos<\/strong>. When it comes to how much they\u2019re willing to pay, it\u2019s clear that people are willing to dig deeper into their pockets and shell out up to 50% more if the intention is to make it their home. <\/span><\/li>\r\n
        • Following that, investors have capped their average budget of S$1m-2.5m for new launches and S$1m-S$2m for resale condos<\/strong>.<\/span><\/li>\r\n
        • 39.5% prefer buying a resale condo over a new launch condo (31.6%), a sentiment that is reflected in the percentage of resale condo sales, which made up 62% of the total condo sale volume in 2022 so far. This is the highest level recorded since 1995.\u00a0<\/span><\/li>\r\n<\/ul>\r\n

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          \"Seller<\/a><\/p>\r\n

          Pow Ying Khuan<\/strong>,\u00a0Head of Research at 99 Group<\/em>, noted that in Q2 2022, 60.4% of resale condo transactions were registered, less than 64.1% in Q1 2022. This can be compared to pre-pandemic levels, which registered 51.9% for resale condos sold between 2018 to 2019. <\/span>It\u2019s largely attributed to the knock-on effect the pandemic has had on the property market, with manpower and construction supplies being in shortage combined with the lack of new launches forcing homebuyers to turn to the secondary market. <\/span><\/p>\r\n\r\n\r\n\r\n

          Furthermore, with more workplaces embracing hybrid arrangements of working from home, more people, such as young couples or working professionals, felt the urgency to move into their own space and sought to cut short their property wait by going the resale route. <\/span><\/p>\r\n\r\n\r\n\r\n

          Q2 2022\u2019s overall median transacted prices fall within the respondent\u2019s budgets, with new condos going for S$1.888 million and resale condos going for S$1.35 million. <\/span>Regardless of whether respondents are buying a condo as a live-in option or as an investment piece, both new and resale condos in the Core Central Region (CCR) and new condos in the Rest of Central Region (RCR) have either surpassed or are a stretch to most of their budgets in the last few quarters.\u00a0<\/span><\/p>\r\n\r\n\r\n\r\n

          More affordable options are RCR resale and Outside of Central Region (OCR) new and resale condos, especially with the rapid rise of interest rates, risks of recession and geopolitical tensions.\u00a0<\/span><\/p>\r\n

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