The waiting game might soon be over for prospective property buyers: survey

Purchase intent is rapidly rising.

Prospective buyers are itching to loosen the purse strings and splurge on Singapore’s cooling property market, according to a report by iProperty.

The survey showed that 43% of respondents, up from 38% per cent in H1 2015, intend to buy properties within the next 12 months.

Buyers have also increased budgets, with 56%--up from 40%--indicating a budget above S$800,001 and 20%--up from 17 per cent--with a budget above $1m. 

“Our survey shows that property buyers are there; once prices fall to the right point they will jump right back in. The million dollar question is what is the right point? The market responds to lower prices,” said Sean Tan, Singapore General Manager and Chief Business Development Officer at iProperty Group.

“Intent is up, budgets are up. If cooling measures are relaxed within the next few months, that will signal to the market that prices are likely as low as they will go, and buyers who have been absent for the last couple of years will roar back in,” he added.