99.co’s Consumer Sentiments Study: Homebuyers Talk Their Minds Out
In a recent poll, 99.co asked 790 folks from all walks of life what they really think about the local property market—and what makes a house worth its weight in gold.
How the Study Grew
Respondents were split across age groups, income brackets, and life stages. The aim? To capture a “microcosm of the buying crowd” and to find out which factors trigger a spring in a buyer’s step.
Key Takeaways
- Value‑for‑Money tops the list – buyers want a home that feels like an investment, not a splurge.
- Neighborhood vibes matter: proximity to parks, schools, and trendy cafés gets a thumbs‑up.
- Space & comfort are non‑negotiable – a good-sized kitchen and a tidy, functional layout make home‑buyers grin.
- Energy efficiency and smart‑home features are the new fad, pulling interest but not yet fully mainstream.
- Price transparency? Yes, please! Clear, accurate listings and well‑understood fees keep trust high.
What Buyers Seek in a Home
When it comes to choosing that perfect property, most people weigh two things: the feel of the space (design, light, vibe) and the immediate practicalities (size, layout, potential for future modifications).
In short, the 99.co study shows that buyers are savvy, they have a keen ear for quality, and they’re willing to spend a bit more for a place that feels like home—and also for peace of mind that comes with smart, modern features.
Key observation #1: Homebuyers have an average budget of $1.2-2m for new launch condos, or $1.5m-3m for resale condos
Where People Are…and Why They’re Hunting for New Homes
About 54½ % of those surveyed are currently tucked away in HDB flats, 38½ % are chilling in condos, and just 7 % have spread themselves out in landed properties. Even a tiny 0.4 % call it a mixed‑use spot. Time to guess where the next wave of buyers will flock to!
Why They’re Looking (or Not) for a New Place
- 29.5 % are chillin’ – no buy‑intention in sight.
- 24.3 % are set on buying their first property.
- When it comes to a second home, 20.4 % already own their first and are ready for an upgrade.
- Looking to split the rent? 10.4 % would own a rental property.
- Want to make a profit? 11.8 % have the eye on investing in Singapore real estate.
Condos: Home or Investment?
- More than one‑third (43.3 %) of respondents see condos as a personal living space.
- However, 31.5 % view them as a solid asset for future returns.
Money Talk: How Much Are They Ready to Splurge?
- Average budget for a brand‑new condo launch: $1.2‑2 million.
- Average budget for a pre‑existing resale condo: $1.5‑3 million.
- When a house becomes a home, many are prepared to dig 50 % deeper into their pockets.
Investors, meanwhile, keep it tighter:
- New lance budgets sit at $1‑2.5 million.
- Resale budgets run from $1‑2 million.
New Launches vs. Resales – The Numbers (and the Reason)
Union says 39.5 % prefer a resale condo over a brand‑new launch (which is 31.6 %). This preference is mirrored by resale sales, which made up 62 % of the total condo volume in 2022 so far – the highest since 1995. It’s a sign that seasoned buyers are getting smarter with their selection, and not every brand new start is worth the “autumn sparkle”.
Why Singapore’s Condo Market Is Doing the Quiet Dance of 2022
Hey folks! If you’ve been trying to figure out why folks are buying resale apartments like a hot potato, let’s break it down in plain, plain English (and a sprinkle of wit).
Quarter‑by‑Quarter Snapshot
Pow Ying Khuan, the big‑brain research head at 99 Group, spilled the beans on the numbers:
- In Q2 2022, 60.4 % of resale condo deals were actually documented – a dip from the 64.1 % we saw in Q1.
- Pre‑pandemic times (2018‑2019) had 51.9 % coverage for resale properties.
So, a clear uptick but still a bit shy of the first quarter.
What’s Causing the Shift?
- Supply crunch: Less manpower and fewer building materials mean new projects are taking longer.
- New launches are scarce: With fewer fresh options, buyers must look backwards at what’s already out there.
- Hybrid work is the new normal: More folks, especially young couples and professionals, are craving their own space while working from home. The resale market gives them the fast track.
Price Play
The median price for Q2 2022 is pretty friendly to most budgets:
- New condos sit at $1.888 million.
- Resale units average around $1.35 million.
So whether you’re buying for yourself or as a sizzling investment, the numbers are a good match for many.
Where to Keep Your Eyes (and Your Wallets)
It’s a mixed bag that depends on your budget game:
- Both Core Central Region (CCR) and Rest of Central Region (RCR) have new condos that either hit or stretch your limits. Recent quarters have seen prices climb higher.
- For more budget‑friendly deals, RCR resale units and Outside of Central Region (OCR) new or resale condos are your sweet spot, especially as interest rates rise and global tensions simmer.
Bottom Line
With the pandemic still rubbing shoulders with the market, the resale sector is bouncing back, offering a quicker route to ownership. Keep an eye on interest rates, global vibes, and your own spending sweet‑spot – the right condo is out there, ready for you to call home.
Key observation #2: 65.1 per cent prefer freehold over leasehold, but 67.8 per cent of transactions were leasehold projects in Q2 2022
Freeholds vs. Leaseholds: What Home‑Hunters Are Really After
Picture a lively condo‑shopping party. A whopping 65.1 % of buyers would snap up a freehold over a leasehold, while just 34.9 % prefer that long‑term rental style. Half of those leaning freehold (nearly 41.9 %) see it as a VIP heirloom—no lease decay means the asset stays pristine for future generations.
But there’s another scene: investors with a keen eye on the resale market. They’re drawn to leaseholds because the price tags are friendlier. In Q2 2022, a solid 67.8 % of transactions sprang from leasehold projects.
Why Investors Chuck Leaseholds Into Their Basket
- Affordability – Lower entry points mean you can grab more units.
- Rental Yield – Tenants aren’t picky about lease or freehold, so your income stays steady.
- Ease of Sale – Market demand for leaseholds is hotter right now.
About 44.8 % of investors say these three perks keep them loyal to leasehold condos.
Back‑to‑Back Trends: Pre‑Pandemic was a Leasehold Party
Before the world turned upside‑down, leasehold condos were the real crowd‑pleasers:
- From 2018 to 2019, 71.6 % of buyers went for leaseholds.
- Between 2015 and 2018, the figure jumped to a cool 74.2 %.
Meanwhile, freehold units have been gaining ground, even though they were priced roughly 28.4 % higher than comparable leaseholds in H1 2022. That’s the market’s latest twist.
The Takeaway
So whether you’re chasing that generational treasure (freehold) or craving a quick, budget‑friendly rental win (leasehold), the condo market has a little something for everyone. Keep your eye on the numbers and you’ll always know which type to grab next.
Key observation #3: Three out of five most prefer buying a condo in the RCR district
Top 5 Districts Leading the Charge!
Ever wondered which neighborhoods are raking in the most buzz (and the biggest percentage of the buzz)? Here’s the latest snapshot of the top five districts that are absolutely crushing it – and yes, the numbers are as exciting as a fireworks show on August 9th! Let’s dive into the stats and some quick fun facts.
1. District 15 – East Coast / Marine Parade
24.4 % of the community’s voice is here, making this spot the hottest ticket in town. From waterfront vibes to sunsets that could tempt a photographer, it’s clear why folks are flocking in.
2. District 16 – Bedok / Upper East Coast
Coming in close with 20.1 %, this district is the steady performer that’s proving you don’t need a beach to get the action.
3. District 20 – Ang Mo Kio / Bishan / Thomson
With a solid 18.9 %, this trio blends family-friendly ambience with the buzz of urban life.
4. District 12 – Balestier / Toa Payoh
Reckoning at 18.7 %, it’s a classic that keeps the crowd coming for its hospitality and hidden gems.
5. District 3 – Alexandra / Commonwealth
The last contender at 17.6 % might have the smallest share, but hey, it’s still a headline-worthy fraction that shows the district’s quiet charm.
- Those numbers don’t just represent statistics – they’re a roadmap for where the next big trends may pop off.
- Each district brings something unique, so your best bet is to pick the one that speaks most to your vibe.
- Drop by, soak up the neighborhood spirit, and maybe you’ll catch the next wave of community engagement.
That’s the lowdown: a quick roll of the glory rolls at neighborhood level! Good luck discovering your favorite corner.
District 15 Still Takes the Front Seat
Looks like District 15 is still the superstar of condo sales in Singapore. In the first half of 2022, it stole almost 12% of the new‑sale condo market—pretty sweet, right? When it comes to resale, it’s not far behind, holding a respectable 8.4% share across 28 districts. Basically, if you’re looking to buy a condo that’s hot off the press, you’ll want to keep an eye on District 15.
Why RCR Condo Buzz Is So Strong
- Cool fact: 3 out of the top 5 favourite districts house RCR condos. Don’t ask me why, but maybe they’re hiding the best snack spots.
- Sales volume for RCR jumped from 25.4% in Q3 2021 to a mythical 36% in Q2 2022.
- Why the boost? More new‑sale units popped up around the city fringe, giving home‑buyers more options and a reason to celebrate.
What About District 19? (Hougang / Punggol / Sengkang)
District 19 has been a top‑dog for resale and new‑launch condo sales since 2015, but this year’s sentiment survey pushed it down to the seventh spot. Here’s the good news you can brag about at dinner:
- The average price per square foot (psf) is $1,829 (as of August 4 2022).
- This is about 22% lower than the overall average of $2,231 for all districts in Singapore.
- If you’re a budget‑savvy buyer, District 19 offers a sweet deal without compromising on location.
Bottom Line
All in all, District 15 is still the go‑to place for fresh condos, while RCR condos are catching fire across the city. District 19, though not the current favourite, remains an excellent bargain for those looking to stretch a dollar. Good luck hunting—and enjoy the scenic view from your new home!
Finding Your Perfect Pad in District 19
When it comes to picking a condo, most folks are hard‑pressed to decide what matters most. The latest survey says the verdict is clear: convenience wins the race.
What People Really Want
- Walking distance to the MRT – 40% of respondents said this is their top priority.
- Local supermarkets & shopping malls – a close second, at 33.3%.
- Cool condo amenities – pool, gym, lounge – comes in third.
- Affordable food options nearby – a handy plus for foodie families.
- Childcare facilities – a finishing touch that keeps parents at ease.
So, if you’re looking to snag a sweet new or resale condo in District 19, remember: a good commute is king, but having snacks, shade, and a play zone can tip the scales.
Key observation #4: 65.7 per cent would purchase star-buy units
Star‑Buy Units: A Quick Check on Whether They’re Worth Your Wallet
Ever heard of a Star‑Buy unit? Those condominium pieces that pop onto the market right before a TOP date (the day a building officially turns over to owners). They’re usually sold at a discount, so you might think, “Why not snap one up?” Turns out, opinions are mixed—let’s break down the numbers.
What the Survey Says
- 65.7% of respondents feel Star‑Buy units are a great deal that they’d definitely consider buying.
- 31.8% think they’re the best bang‑for‑the‑buck. They point to the lower price and the shorter wait time as the main perks.
- Only 17.1% mix the two ideas—discounted price + less waiting equals a solid investment.
- On the flip side, 34.3% oppose the idea. They’re not convinced the savings are genuine.
- Of those skeptics, 26.1% accuse developers of playing a quick‑sell trick to dodge the Additional Buyer’s Stamp Duty (ABSD). They point to odd floor numbers or icky views as evidence of a surplus.
Why Might a Unit Go Cheaper After Launch?
According to Pow, the story gets deeper than just a sale end‑game:
- Past projects show that similar-sized units can sell for less after the official launch. Factors like layout, location, and the direction it faces play a big role.
- Developers often tweak prices on the fly to match market sentiment at the moment of sale.
Bottom line? A Star‑Buy might feel like a steal if the unit’s layout and view line up with your tastes. But if you’re uneasy about the timing or the design, it could be more of a gamble than a smart move.
Takeaway
Before you hand over your cash, check the unit’s actual square footage, floor plan, and orientation. If it matches the hype of a Star‑Buy, great! If not, maybe you’re better off waiting for a standard listing.
Key observation #5: 59.5 per cent feel property prices have fallen out of their range, while 17.8 per cent felt they could afford them within their budgets
Property Market Pulse: Mortgages, Mood, and a Dash of Hope
Ever feel like your bank is hounding you with interest rates that make you think you’re refinancing a spaceship? A recent survey shows 61.1 % of folks believe the current mortgage or home‑loan rates—sent to stop inflation—are just too steep, while 17.7 % say they’re “extremely high.” Only 19.2 % think the rates are still fair enough.
Feeling a Bit Uncynical?
- 64.6 % of respondents are on the skeptical side about the property market.
- Of those, 59.5 % say homes are becoming not just pricey but practically unattainable.
- Politically minded? 27 % blame unfavourable government policies; 20 % claim that even the best investments can’t deliver big returns now.
Some Bright Spots
- 35.4 % look at the market more positively.
- 17.8 % believe they can still snag a budget‑friendly property and possibly re‑spin the property machine.
- 13.3 % think they can earn high returns on investment.
Buying Decision in Jitters
- Nearly half, 49.9 %, feel the current climate could sway their condo‑buying plans, with 34.7 % saying it’s “extremely likely” to influence their choice.
- These jitters stem from cooling measures introduced back in December 2021 plus a rise in interest rates.
Quick Look at Q2 2022
Sales were deeply affected in Q1 2022 due to winter festivities (think Chinese New Year) and those cooling measures. Sales dipped more than a third from the prior quarter. But Q2 2022 gave buyers a lift: a 31.6 % jump quarter‑on‑quarter—though still shy of Q1’s revival. June 2022 was a litmus test: a 23‑month lull–break in the 99‑SRX Condo Resale Index hints that prices might still climb higher for the next batch of buyers.
What Do Owners and Investors Wish for?
- The biggest wish: pull the Additional Buyer’s Stamp Duty (ABSD) down or even ditch it entirely.
- Others crank the “lower interest rates” dial and want better financing options to keep the dream of home ownership real.
And that’s the lowdown—straight from the market to the front page.
