Expect big changes in your neighbourhood (and even potentially the price of your house)

Big changes in the home, residential estates and the Central Business District are underway, say Real Estate Observers Kwok Tian Long and Sing Tien Foo.

Say goodbye to the offices. Work is moving away from the Central Business District (CBD), as more companies have allowed staff to continue working remotely despite Education Minister and Multi-ministry taskforce co-chair Lawrence Wong urging companies to let workers return to the office on Sep 24.

Thus, this may be a reason why the residential property market has remained remarkably resilient notwithstanding the unprecedented pandemic. HDB resale market is the most resilient – the Q3 HDB resale flat price index increased by 1.4 per cent from the previous quarter.

In every crisis, there are hidden opportunities that we can look out for. If we play our cards right, we can potentially reap the benefits that come out of this Covid-19 pandemic a few years down the road.

Sellers’ Market

New favourable housing grants makes resale flats more affordable to newlyweds. It is a good time to sell your resale flat in the market as demand is high for resale flats.

If you are trading up to a better location or asset, selling and buying in a soft market gives the opportunity for a stronger price increase when the market recovers.

What should potential buyers look out for?

As more people make working from home the new normal, look out for areas with growth – places with lifestyle and recreational amenities, accessibility & connectivity and urban transformations.

Neighbourhood shops and eateries have seen a bigger boost in demand, and many families require more space for video calls and home-based learning to happen simultaneously.

Looking out for these considerations when you buy your new home will make your house or asset more favourable when the economy improves.

In every crisis, there are opportunities for the brave and prepared.