Lifting curbs ‘not key to residence sector’s outlook’: Lawrence Wong

The property market’s long-term potential clients are not dependent upon whether sector cooling methods are put but the entire state with the local economic system, said State Development Minister Lawrence Wong.

Real estate market players include repeatedly lobbied the Government not long ago to ease the cooling down measures, who have weakened need new homes.

Mr Wong said the guy knows the industry can be “fixated” above the measures, even so the key concern is for the particular to raise and keep on being a successful world wide city along with a thriving economic system over the future 10 to twenty years.

“If we stagnate, if we diminish, if we aren’t able to sustain growing in the economy, once we cannot hold on to our job as a world wide city, you may be sure that the home or property market shall be in the blues even if we all lift the cooling methods, ” the guy said.

Government entities has put in place a slew of measures, such as stamp duties and loan curbs, which have helped bring down prices. Private home prices fell 3. 7 per cent last year, after sliding 4 per cent in the year before; new home sales came in at more than 7, 000 units in each of the past two years, about half of the 14, 948 units in 2013.

Speaking at property agency ERA Realty Network’s career advancement day event yesterday, Mr Wong said the Government will monitor the market closely and “policies will always evolve and be updated over time”.

Earlier this month, he noted in Parliament that underlying demand for property is still strong, and easing the measures too soon may risk a premature market rebound.

As Singapore transforms its economy through innovation, so too must the real estate sector.

Mr Wong said property agencies and agents will have to adapt to new trends. He reported the way technology changes and just how increasingly experienced consumers are shutting property offers without estate agents.

For example , the proportion of “do-it-yourself” buyers or retailers for Real estate Board resale flat offers rose from 11 per cent in 2010, to 24 per cent last year.

“I think the trend will continue because of customer preference and technology, inch Mr Wong said. What this means is agents and agencies need to innovate, discover new ways to include value and become more customer- centric.

PERIOD chief executive Jack Chua agrees: “We are looking at our business and encouraging our agents to use social media to capture a wider audience. We also purchase IT and develop applications and efficiency tools. inch

Mr Chua said the firm models aside about $1 million to $2 million every year for technology investment. In 2013, PERIOD spent over $100, 000 on an application giving live updates within the sales and home prices for tasks it is marketing.

Such improvements and a positive mindset possess helped the top 50 agents hitting an average income of $92, 000 last month, up 72 per cent from February, Mr Chua added.

ERA is the largest real-estate agency here with 6, 153 real estate agents.