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First Time Home Buyers Concerned About Affordability and Rising Prices

The survey, conducted across the iProperty Group’s leading network of property websites in Malaysia (iproperty.com.my), Indonesia (Rumah123.com and rumahdanproperti.com), Hong Kong (GoHome.com.hk) and Singapore (iproperty.com.sg) served as a bellwether to gauge the opinions consumers in the region.

Attracting close to 30,000 respondents, 13,145 respondents from Malaysia, the survey revealed consumer’s motivations, intentions and preferences in acquiring property in Asia.

Key Findings in Malaysia:

  • Majority of survey respondents were aged between 26 to 35 years old (50%), revealing that young Malaysians are looking at various investment options, including property.
  • 29% of respondents are first time home buyers looking to purchase property that is valued from RM 350,000 to RM 500,000.
  • Compared to the other countries, Malaysians reported the second lowest annual household income of between USD 24,000 to USD 50,000. Respondents in Indonesia had the lowest income level of less than USD$10,000.
  • 78% of respondents are from the Klang Valley (Kuala Lumpur, Selangor, Putrajaya) and it remains an attractive investment destination for 80% of respondents.
  • 84% of respondents want to buy property that is newly developed and they obtain information on new developments online (53%). 58% of respondents want to purchase property with the next 6 to 12 months from now, with the main motivation being the desire to own their own home (44%) and for rental income (40%).
  • Compared to findings in H1, the top three factors of consideration when purchasing property was Location, Price and Size. In H2, its Price, Location and Security. Location and price are interlinked as always, and with increasing crime reports on social media, it is inevitable that respondents are putting security as one of the key considerations.
  • Respondents still want more laws and regulations to protect property buyers in the country.
  • Top three hotspots in Klang Valley – Petaling Jaya, Ara Damansara and Puchong and Shah Alam and Outside of Selangor, the hotspots were – Iskandar Malaysia, Georgetown and Nusajaya.

Speaking at the launch of the fourth iProperty.com Asia Property Market Sentiment (H2) 2013 survey findings launch, iProperty Group’s Chief Executive Officer, Shaun Di Gregorio said that the wait-and-observe stance that Malaysians took in the first half of the year is slowly dissipating.

“Prior to the 13th General Elections, the survey findings revealed that property buyers were treading carefully and was waiting to see the outcome of the elections before deciding on purchasing a property.

The Findings 

The online survey polled over 13,000 respondents, mainly from the Klang Valley (78%), Northern Malaysia (10%), Southern Malaysia (8%) and East Malaysia (4%). 50% of respondents were aged between the ages of 26 – 35 with a quarter of respondents reporting an annual income of RM80,001 to RM160,000. More than half of respondents were from the low and middle income group.

Battleofthesexes2013H2

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