The National House Buyers Association says houses should be cheaper in states such as Kedah, compared with units sold in the Klang Valley.Implementing house price controls could assist developers to fix appropriate prices for their products in less-developed states and locations, said National House Buyers Association secretary-general Datuk Chang Kim Loong.
“Bank Negara Malaysia has said median property prices in Malaysia are now above the affordability of the people’s median income. This index could potentially assist developers in pricing their products in less-developed states or locations to overcome the mismatch between buyers’ affordability and developers’ selling prices, which has resulted in a huge overhang of some 36,863 completed properties as of last December.
Chang pointed out that a person who purchases a property in Petaling Jaya does not necessarily live or work in the city or earn the same median income as those who do.
Source: Real Estate Daily Report (realestatedailyreport.net)