Property investors are facing a test of nerves more than a month after tough new cooling measures were introduced. Since the Dec 7 announcement, a stream of negative reports have surfaced, with the most dire predicting a nosedive of up to 30% in home prices. Agents say they have been getting more calls from jittery clients worried about the impact the measures and global economic uncertainty will have on prices.They wonder if they should sell quickly while prices are still at high levels. However, agents feel confident that panic selling is unlikely as bank deposit rates are still low and investors still see property as a better place to park cash and it could be a knee-jerk reaction and that the market might settle down after the shock of the measures passes. Still, another factor causing some anxiety to owners of mass market homes is the bumper supply of suburban land released by the Government. The continued strong supply of EC sites - a public-private housing hybrid - is also of concern as it appears set to siphon demand away from the private market. The Government has indicated it is ready to supply sites for up to 5,000 EC units this year.
- The Straits Times Online, Prime News
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