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Have The Property Prices Hit The Peak In 2024?

Recently I noticed something interesting when buyers came to view my listings

I had the feeling that they love my unit but seems to be afraid to commit.

Maybe it might be the price.

As a buyer, should you be concerned with today’s property prices?

To explain our current situation, let me use a pyramid diagram.

Buyer's Pyramid
Buyer's Pyramid Diagram

What you see right now is actually the buyer’s pyramid and there are 4 different stages.

And every stage indicates an upward price movement. 

Stage 1: Developer buys the land from Government.

Stage 2: Buyer buys from the developer.

Stage 3: Buyer buys from first owner.

Stage 4: Buyer buys during when property market is moving upwards.

The most critical stage is stage 4 where property price gets higher and higher.

To understand this further, I studied the price movement of a condo in Ang Mo Kio (The Panorama)

The Panorama Condo
The Panorama Condo

The Panorama Condo historical price movement (3 Bedroom)

2014: Starting price is $1,200,000

2017 (TOP): Transaction at $1,380,000

Stage 4 (upward trend)

2021 (Feb): Transactions at $1,500,000

2021 (Dec): Transactions at $1,670,000

2023 (August): Transactions at $1,915,000

Question: Are we still at the start of the trend or end of the trend (In stage 4)

To understand this further, I did a comparison between the current and previous (2013) uptrend cycle of an older condo.

And analysed the growth rate (Percentage) difference. 

And here is my analysis (Watch video)

So as a buyer, what should you do?

There is no right or wrong answers here.

At the end, it really depends on your needs and objectives when buying a property.

But do take note of this… “As prices move up higher, your risk gets higher as well. Eventually your profits will get slimmer when you sell.”