The National Housebuyers Association has today warned that young people are getting locked out of buying property because of its prices being at an astronomical sum. It was summed up as in the words of the person interviewed, "exorbitant", "beyond the reach of young adults", and "not commensurate with salary increases". They have also accused banks, developers and valuers in colluding in pushing prices to exorbitant levels. These three, were dubbed the property category of the "unholy trinity".
The average price of houses in Klang Valley is at least at RM485 000. This is for new houses. It might be a bit less for second-hand houses, but chances are very hard to get those RM300K radius houses. If you are to buy a house you must have specific down payment. For instance, if you are to buy the Green Area in Setapak, at the price of RM420 000, you must pay within RM 42K to RM 126K down payment
I have spoken and elaborated on this matter in my yesterday's posting called "The Imbalancing of Expenditure vs Income". I have mentioned that part of the solution to solve the problem is having the minimum wage calculated into the take home salary as to commensurate with the present living costs. I also deduced that in order to accomplish the "minimum household income of RM 4000 monthly" that PR wants to do in the Buku Jingga, the minimum salary must be introduced without further delay.
Addendum: HBA's Press Statement
Another possible case is doing a housebuying strike. This has been active in Melbourne as to show protest on buying. This has proven successful as following the strike prices have dropped there by about 10%. There's also a signing of the abstinence pledge (see sample here) which show the sign.
Is there any likely to seeing a housebuying strike in Malaysia?