There are 13 bids for the Dakota Cresent land! (Its not a freehold land, but just a 99 years one)
And below is the respective bids and how many times over the minimum bid of $201
The winning bid by UOL, paid around 2.5 times of the minimum bid!
There are also 7 developers bidding more than 2 times of the minimum bid!
This tells a lot of the property expectation in the next few years. If you think about it, these land developers will not pay such a high premium of the land, unless they are quite confident that the prices of property will go up. It is possible for 1 developer to make a bad prediction of property prices, but more than 7? I don't think so.
In addition, in the report where I got this information from (DMG & Partners), it is said that, UOL will need a break even selling price of $910. Which is very high! ( I would think this is near freehold price ranges)
So now might actually be a good time to invest in property. Considering that the SIBOR rates are really low now, getting a housing loan that is peg to the SIBOR rate, would mean paying lower interest for the house. Given the 'prediction' by these developers, it might not be a bad idea.
HOWEVER, this is not an inducement to start going out to buy houses. Invest within your means! ( Remember that things can go wrong, and you might be stuck with a monthly loan that you cannot service and thus be forced to sell the house, at a price that might be below the initial price that you bought!)
But I would think, if you intend to buy a property to live in, now much actually be a better time to buy one, than say 3 years time!