Higher property prices decreasing M'sian's ability to afford homes - analyst

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The rapid increase of property prices in the country suggests that the number of Malaysians able to afford homes may have decreased, as the household median income rate has not doubled over the past years, said MyProperty Data Sdn Bhd. It said its analysis revealed that houses priced RM300,000 and below recorded in 2000 comprised 86.14 percent or 35,226 transactions out of a total of 40,896. In 2009, the figure was 65.31 percent (42,985 out of 65,816 transactions), and in 2019 it was only 32.37 percent (11,173 out of 34,518 transactions), with the median age of buyers between 32 to 35. MyProperty Data chief executive officer Thor Joe Hock said this showed that, fundamentally, Malaysia is facing issues with affordability, and not the number of affordable homes, as inflation seems to have accelerated since the market peak of 2011. "As a data provider analyst, where we use big d…