Source: Channel News Asia
Within 16 months time Gov announced tightened the policy four times.
1. Sep 2009
2. Feb 2010
3. Aug 2010
4. Jan 2011
So now, if you've an existing home loan you can only get up to 60% of the valuation for 2nd home/investment. Before the measures it's up to 90%.
Sellers stamp duty raised and within first year it's 16%, within 2 years 12%, 3 years-8%, 4 years - 4%. In my opinion this is some sort of capital gains tax and this should be much more effective than the previous measurements. Sellers stamp duty was introduced only in Feb 2010 but the rate was only ~2-3%.
However I don't foresee the property values nose diving. Gov doesn't want property to fall and it'll try it's best to keep the prices up. So for me no hopes to see a flat near city/eastcoast for less than $1000/Sq.Ft :|
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