looking forward to see how the market reacts to it as well....

just view a subsale unit last week.
thought it is a good buy.
i think i shud put in on hold first.

1st time home buyer...?

We live in a very interesting time indeed. Wonder if 20% drop in prices in the next few months will be a reality............

The ones that will be hit badly by all this should be :

1. Banks.
2. Mortgage agents
3. Agents.
4. Sellers.

Think sellers today has to significantly lower their price down and quickly lock profits else they would be in for a nasty surprise in 12 months time......

2nd time
thinking of buying a landed
move out from condo

but now
i think we can bargain?

i guess those not so rich ones now will target cheaper house prices now?

so high end property price drop, lower/medium end property price increase cos the not-so-big guns will play at a lower price range now.

there's no rule that say people that earn a lot of money cannot buy <350k house, right? so now 1 bubble is deflated and another 1 will be created elsewhere.

RPGT should have been an easier solution.

I applaud for BNM, at the same time wish there can be even more restrictions to purchasing of house below 400k, to ensure tat those hses r even less affected by investment heat, and low-mid income ppl could afford a hse..

Good!

Why is everybody so surprised ? It has been reported in the media for months already.

They are also contemplating RPGT increase to 30% when the right time comes.

Look back at previous newspaper reports.

This post has been edited by jalsrix: Nov 4 2010, 09:12 PM

What are the possible scenario?
1. Will property go through a correction? If majority buyers decides to wait.
2. Or will it plateau? Demand continues but at a slower pace
3. Or it will take a short breather and then go up? People just digest the news for a short while then start buying again.
4. Or the bubble will burst? When most don't buy, prices drop, loan default goes up unimaginably, the economy crashes.

I just did the same thing too .. and I'm not a first time buyer, I'm serving two loans right now, one for an abandoned project which I've no idea if they're going to revive it .. and the second one is the current house that I'm staying.. ohwell, probably good thing .. can save up more ..

hey guys...so meaning if i wan to buy a 3rd house..then i need to folk out 30% for initial payment?
So this target houses/apartment from which price range??

Yes..
Any price..

hmmm... are loans from insurance companies included? i believe loans from insurance companies are nor recorded in ccris... so maybe not considered by the banks and bnm?

i am more interested on where the investor money will go now...share market??

Let's have a show of hands. How many of us here have less than 2 props with outstanding loans currently. Was thinking of picking up a 300k high rise launch, but looks like i have to foot out 90k for a downpayment now. I'm not even confident i'll pull in ringgit for ringgit in cocr now! Investors will now have to go back to the drawing board to figure out how to mitigate the capitalized costs! Hurray!

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Added on November 5, 2010, 12:50 amBrilliant observation!

This post has been edited by Daryl Teo: Nov 5 2010, 12:50 AM

I wonder if this will affect me.
My first loan is an abandoned project 8 years ago but not serving the loan because the loan has not started yet and
Second home is serving the loan now where we are staying.
If me and my wife joint loan to buy another house, will this affect us?
My wife is a first time buyer.

There will be many collateral casualties in the wake of this capping measure. Siblings who have loan their credit line through joint borrowings to beef up their bros/ sis loan applications will also be caught if they own 1 prop already!! It's the dawn of a new era!! Have fun guys & Happy Diwali!!

This post has been edited by Daryl Teo: Nov 5 2010, 01:00 AM

are you a cash rich?

we will be back to once upon a time, when major effort is needed from the developers to sell houses.
nice brochures, proper show house etc.

no more sold out before official launch.

Where investors money will go?
Most probably they go holidays/ take a much needed break/ rethink next course of action

Or they go buy shoplots/ commercials/ buy franchise/ start/ joint ownership of business since got extra cash?