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10% jump in sales of pricier homes in Iskandar Malaysia

iPropertyiQ.com data from Feb 2016 to an 2017 reveals exciting tidbits on residential property activity in this southern economic region.

By Reena Kaur on Oct 10, 2017

Where are homebuyers purchasing? (%)

 

1,245 homebuyers or 15% purchased into Skudai. Johor Bahru and Tebrau were popular residential hotspots too, that garnered 13% and 12% of total transactions, respectively.

With terrace homes in Skudai experiencing close to double-digit Y-O-Y capital growth, it is no wonder why this area is a hotspot.

 

Which areas do aspiring homebuyers covet?

 

 

54% of visitors to iProperty.com.my were interested in residential products in JB and dropped enquiries to real estate agents to further explore their home search journey. These leads indicate a genuine interest in purchasing.

 

How has area search trends changed Y-O-Y?

 

Undeniably, the majority of homebuyers were searching for properties in Johor Bahru. Nevertheless, areas such as Masai and Tebrau are rising in ranks as preferred residential neighbourhoods.  Compared to a year before, the number of searches for residential properties in Tebrau has surged by 205%.

What are homebuyers scoping out in Tebrau?

 

What were the popular price ranges? 

 

 

Residential properties bearing average and above average prices were in demand – units in the RM220,000-RM500,000 range captured 60% of the total sales across the 12-month period.

 

Which properties saw an increase in sales Y-O-Y?

 

Higher priced units, i.e those costing above RM290,000 saw an increase in sales from the year before. The biggest transaction growth of 15% was recorded in the RM420,000-RM540,000 price category.

Could this be a sign for renewed interest in IM? Read what Charles Tan has to say about the economic region's potential

 

Which areas experienced high capital growth?

 

Generally, residential properties were most expensive in Iskandar Puteri at RM390 PSF and in Gelang Patah at RM389 PSF. Nevertheless, capital growth movements typically are inversely related to prices – hence, higher appreciation was noted in areas with lower median PSFs. For instance, a Y-O-Y capital increase of 24% and 18% were recorded in Pasir Gudang (RM237 PSF) and Senai (RM238), respectively.

An anomaly, however, was observed in Tampoi (RM287) where its capital growth value was only 0.6% - this could be explained by Tampoi being an industrial area, hence it is not very desirable among homebuyers.

DISCLAIMER: The source of data is from the Valuation and Property Services Department (JPPH) which officially records a property transaction once the stamp duty for the Sales and Purchase agreement is paid while the source of listing & leads data is from agents’ listings listed at iProperty.com. Analytics are based on the data available at the date of publication and may be subject to revision as and when more data becomes available.

Featured Image: Pixabay