Surely prices of properties - whether it is govt/HDB or private sector are dependent upon supply and demand.
Every major city suffers from the same issue, I believe. It isn't just a SG issue nor is it a SG govt fault.
London certainly has the same problem. The average age of first time buyer is something like 40years old. First time buyers are rather dependent on the banks of mom and dad.
Yet wages have not gone up with
property prices. So, tell me, an average 20s/30s person earning GBP35-45k pa gross, how are they going to be able to afford to buy their own home, since deposit is 20% and they are only able to borrow 3times or 3.5times your wages based upon the affordability test.
In terms of buying a house in London (location wise, NW1/NW3/NW8/W1/W2/SW3), tell me where can you buy a HOUSE, with a 30foot garden for less than GBP2m, that is immaculate condition (as per the UK Misdescription Act) not the SG.
Take for example - a 2bed flat 800sq feet in need of some TLC in 1995, share of freehold cost GBP165k. In 2000, sold in immaculate condition for GBP375.
Same year, a ugly square box 1970s house in need of TLC was GBP452k. Sold 2012 for asking price; GBP1.25m. A 2 bed flat with 10foot patio/alcove, in 2012/2013, that was in need of a lot of TLC and only 600square was GBP652k. All NW3/NW1.
Just an example
Stare at the CTE, or those really ugly angled roof HDBs?
