Soaring housing prices are expected to keep potential buyers on the sidelines this quarter as some people said they will only enter the market if prices drop by 10 percent or more, the latest survey released by the nation’s biggest housing agency showed.
Improving trade ties with China and upcoming elections would play only minor roles in the potential buyers’ decisions, Sinyi Realty Co (信義房屋) said in the report.
However, land developers still planned to present a total of more than NT$100 billion (US$3.24 billion) in presale or newly completed housing projects at record-high prices in the greater Taipei area next month, Sinyi said.
A total of 61 percent of potential buyers in the survey conducted by Sinyi said they prefer to extend their house-hunting period in the expectation that housing prices may come down a bit after hitting their peak, the housing agency said.
Only 25 percent of the prospective buyers cited unaffordability as the cause of their hesitation, according to the survey conducted between Oct. 8 and Oct. 15.
“The [price] concern explained why 37 percent of potential buyers spent more than a year looking for a house in Taipei City,” Sinyi senior researcher Stanley Su (蘇啟榮) said. “The factor affected 34 percent of potential buyers in adjacent Taipei County.”
Another 8 percent described the price levels as high but acceptable, while the remaining 6 percent said necessity topped their list of concerns, the survey said.
Su said 43 percent of prospective buyers have looked at more than 10 apartments, with first-time buyers assigning more weight to the price level, while those seeking to relocate tended to be more patient.
Both prefer homes requiring minimum refurbishment, Su said.
Meanwhile, 39 percent of the respondents expected housing prices to fall this quarter and another 43 percent said the correction may last into next year, the survey indicated.
“Nearly 50 percent of -prospective buyers expressed a willingness to enter the market once housing prices correct by 10 percent to 20 percent,” Su said.
The survey showed that most respondents were unaffected by the elections of local officials next month, after which Taipei County will be upgraded to the status of a special municipality.
As many as 72 percent said the election or upgrade would not impact their decisions, the survey said, adding that another 33 percent said the Economic Cooperation Framework Agreement (ECFA) did not influence them either.
By contrast, developers are optimistic about the outlook as they launch promotion campaigns next month for NT$109.5 billion in presale or newly finished apartments in the greater Taipei area.
Ni Tzu-jen (倪子仁), spokesman for the Chinese-language Housing Monthly (住展雜誌), said the projects span 21 districts in Taipei city and county with prices at record highs.
“The pricing strategy shows developers are confident there is more room for price hikes,” he said.
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