Speedhome: Price fall and low-interest rate drive Malaysians to buy houses

A survey done by the automated property rental platform, Speedhome, revealed that up to 40 percent of Malaysians think it is a good time to buy a house.

54 percent of respondents believe that lower bank loan interest rates is the main reason that drives them to buy a house. And more than 70 percent of respondents feel that an affordable rate to purchase a house is between RM200, 000 to RM300, 000.

Although the pandemic has taken a heavy toll on the economy and unemployment rate in Malaysia, up to 67.8 percent of respondents said they would consider buying a house within three years if loan interest rates and house prices fell at the same time. 

A total of 51.1 percent of respondents are willing to spend 30-40 percent of their salary on renting/buying a house, whereas 34.5 percent are ready to pay 10-20 percent of their salary for the house.

Speedhome’s survey also collected individual opinions on solving the problem of overhang property. Some respondents pointed out that the Government should strictly approve new development projects and control supply. 

Meanwhile, some hold the opposite view, they believe that restarting the Developer’s Interest-Bearing Scheme (DIBS) will also help stimulate the housing market. 

Chief Executive Officer of Speedhome, Wong Whei Meng stated that “there is an oversupply of property and some interviewees believe that property prices are falling. They are willing to buy a house if their income is not affected,” he concluded.

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