The home ownership pattern is changing, driven by the movement control order (MCO), including catering for the needs of younger home seekers for whom buying a home now is far easier than it has been in the past.

Far Capital chief executive officer Faizul Ridzuan said with sufficient financial literacy and diligence, as well as an ever-increasing array of property options, tools and information sources available, home ownership is far from impossible in the new norm.

"Prices may decrease in the short term, while increasing in the long term. This is in fact the ideal scenario for purchasers. It means they can pick up cheaper properties as developers adjust prices post-MCO, without sacrificing long-term appreciation.

"Another way property is becoming cheaper is that developers are building smaller. This means that even if prices go up, say from RM600 psf to RM800 psf, young purchasers can opt to start with a 450 sq ft studio, instead of an 800 sq ft family unit, for an entry price of RM360,000 instead of RM640,000," he said in a statement today.

While this works out well for young home seekers, who tend to prioritise location and lifestyle overraw square footage, Faizul said developers can also maximise smaller parcels available closer to urban centres.

"Finally, the return of the national Home Ownership Campaign has placed downward pressure on prices. This applies not just to participating projects with 10 per cent discounts, but to other offerings in the market competing with them as well," he added.

Meanwhile, he said banks now have unprecedented liquidity and are offering historically low interest rates, driven by concerted Overnight Policy Rate and Statutory Reserve Requirement reviews.

"In other words, banks are more able and eager to lend than ever. They are still exercising due diligence, though, and the emphasis here is on quality borrowers. For younger home seekers, this is the primary hurdle," he said. - Bernama