I totally disagree with your conclusion about the lack of opportunities for the younger generations.
Every generation has its challenges and opportunities. When looking back at the past, everyone has perfect vision. Going forward, it all boils down to how gutsy and resourceful you are in seeking out opportunities.
In the 1980s, property prices were a steal compared to today's prices. And you know why? Because the wages were low. The economic condition was uncertain. I remembered when we graduated the economy was gloomy and we were happy to grab jobs that paid a measly $1.5k to $1.8k pm. I recalled my accountancy friend got a job that paid $1k pm and he was glad. With that kind of pay, who can afford private property? I was not able to even apply for a credit card after 3 years of work, because my annual pay was below $24k!
Another thing, the interest rate for housing loans was also very high - like 7 - 8 %! Who dares to take large loans then? In M'
sia the rate was above 10%!
Those "braver" ones and those like me, no choice cannot wait for
HDB, then went into private properties and gained from the rapidly improving economic conditions.
The situation now, as in the past, there are always uncertainties. And there are 2 types of people. One type when faced with uncertainties (eg economy downturn, share price collapse) see doom and gloom and retreat. The other type facing similar situation will only see opportunities and pick up the "bargains".
just have to look at the 2008 sub-prime crisis (only 4 years ago), many people screamed disaster and share prices were hammered down day after day. But there were opportunists who came out to scoop up bargains -- on properties and shares. I myself bought my present condo during that period at $700k. Now it is $1.6M helped in part by the economy turnaround and the opening of the
MRT station and line.
Which type do you belong to? Type 1 - kiasu, kiasi or Type 2 -- opportunist and resourceful?