Property News & Market Trends

Back with a Vengence! Agents are raking in fast & furious!

Just 2 years back, agents are complaining about everything. From cost to economy and government. Now, they don't complain - no time to, that is. Instead of only having top 5% earning 5 figure incomes, now 20% hits that figure, at least 2 to 3 times over the last 6 months!

So, when will all these glittering revenue ends? Many hope it don't end too soon. Some pessimists predicted by end 2007. Some optimists swear it'll last way after 2010. Whatever it is, money will be made, as long as transactions grow.

The greatest fear now is - sellers are too optismistic and ask for too high a price and wealthy buyers dwindle. As long as enbloc sales continue, flushed buyers will pay what they like, as in the 2 ridiculously high priced HDB 5Rms! Remember the buyers that bought Bishan at record prices? They are still licking their wounds.

The time will come when agents feel the heat that asking prices are not met with enthusiastic buyers. Then stagnation begins. And the slow down begins. Personally, spiralling too high, too fast is never good for anyone. That includes sellers, developers, buyers, tenants and the government. Nobody benefits, not even those who make tons. How many survive the 1996/7 crash? Even developers can't withstand such tsunami effect.

The funny thing is - History teaches man that man never learns from history! How true.

It's a good thing the government is looking into the crazy price spike. As much as they are trying to calm the public, I believe the market is spiralling out of control if they don't step in. Unfortunately, this time round, not many HDB owners felt rich compared to the private owners. Prices are not climbing in tandem. The rich gets richer, much richer. This is a worrying sign. Contrary to the situation, it's the wealthy that are driving prices beyond one's rich. In this case, the enbloc reapers are reaping what they sold - they edge themselves out of the market!

To agents, the best would be a steady growth so it will prolong prosperity for everybody. Not a get-rich-quick and face-doom-fast situation. Best wishes to all - Danny 'Bingo'

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