More willing to pay for connectivity and convenience: Survey
More willing to pay for connectivity and convenience: Survey. The majority of those polled are willing to increase their housing budget for a more connected and convenient home. One of the key findings of a recent EdgeProp survey on this increasingly important topic was this. Given the rising cost of car ownership, the outcome is unsurprising, with recent COE (Certificate of Entitlement) certificates exceeding $100,000. As a result, many people are reconsidering the tradeoffs of owning a car versus living in an area with easy access to public transportation as a more sustainable and affordable option.
One in every four survey respondents indicated a willingness to increase their housing budget by more than 10% for a residential property with direct MRT access. Respondents also place a high value on the convenience of nearby amenities such as supermarkets and affordable food options. Notably, convenience and connectivity were rated higher than central location.
Readiness to purchase
Three hundred sixty-one percent of those polled said they planned to buy a home within the next 12 months. Of these, 57.9 percent intend to buy as owner-occupiers, with an average budget of $1.9 million. The vast majority (77.8 percent) are interested in purchasing a unit in an integrated development with easy access to connectivity and convenience.
Supermarkets, affordable food and MRT deemed most important amenities
Supermarkets were deemed the most important amenity to have in an integrated development, with 87 percent of those polled agreeing. The top three most important amenities are affordable food options (69%) and walking distance to an MRT station (66%). On the other hand, a large gym, walking distance to work, and beauty services were rated as the least important amenities.
Willing to pay for convenience and connectivity
With the rising cost of car ownership, more people will rely on public transportation, so easy and direct access to MRT is critical. Direct access to a supermarket reduces travel time and distance when purchasing groceries and other daily necessities. Nearby public transportation nodes provide much-appreciated connectivity for homeowners, so it is not surprising that 85 to 92 percent of respondents indicated a willingness to pay more for residential properties near such amenities. Respondents are also willing to increase their housing budget (83 percent) to live near supermarkets and affordable food options (78 percent ). Similarly, tenants are willing to pay higher rents for a home near the aforementioned amenities, which bodes well for investors interested in investing in such properties.
According to our survey findings, direct, sheltered access to an MRT station adds significant value to a property, with 27% of respondents willing to increase their housing budget by at least 10% for such a property. In addition, 19% are willing to increase their housing budget by 10% in order to live within walking distance of an MRT station. Many respondents identified supermarkets and affordable food as important amenities, but fewer are willing to pay more for a home near these amenities in comparison to MRT access. This suggests that connectivity is more important than convenience.
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