| Unregistered |
21-06-2020 11:45 PM |
Quote:
Originally Posted by Unregistered
(Post 139216)
Yup got a relative who bought a semi-d for a little over $1 million in the 90s before the property boom. He wasn't high ranking, he retired as AD only.
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Yup and in the early 90s, even better. $700k could land you a freehold semi-d with 4000sqft land. A similar property would cost $4.5m today. For the millennials in the workforce today, it would mean having to earn 6.5X the salary of a working person who bought the same semi-d back in the day. Unfortunately the salary has probably less than doubled since the 1990s.
When it comes to new HDB flat prices, the difference is even more drastic...$30-50k would get you a spacious 4 or 5 room flat back in the 80s. Today it would cost up to $700+k I heard for a BTO in kallang. That's about 14X increase in price! Again, the salaries have probably only about doubled(?) since then.
As a millennial myself, I quickly learnt that there's a limit to enjoyment when it comes to property. A 2.7million condo at about 1000sqft for 99yrs in queenstown isn't gonna be worth what you put into it. For the average earner. Better get something far away and much cheaper, spend your days with less worry and enjoying more things in life. You could have a home, go on holidays, buy a car, dine out, indulge in hobbies, and end up spending under a million in all compared to a few million just for a tiny box in the sky for 99 years in a "good location".
Better not follow our parents' pathways blindly. It's a different world today. |
