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For anyone thinking whether housing prices are too high/too low, please do your own research. One of the most important factors is the housing price/income ratio. EVERY SINGLE CRASH has been precipitated because eventually someone can not even pay the interest on the loan. If income seems to be keeping pace with prices, then yes home prices would not be overvalued. A corollary to this is whether income can take the hit when interest rates eventually rise when there is a crisis, and yes it will rise next time because banks will scramble to replace their capital ASAP. |
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So if you cant afford, it is you not the price. Most Singaporeans can afford a home as more than 90% of households are home owners. The BTO is made affordable to first time buyers. If a condo or landed is too high for a middle income family, then so be it. There are many rich families who can afford. Work harder and smarter and you can one day achieve your dream condo or landed. Or just stay happy living in your HDB flat for the commons. |
ninrsit James
Latest update from propertyguru - the 5 terraces houses in Westwood selling at $1.5m now left only 2. I think these will be gone in a week's time and then prices will move up to $1.65m to $1.8m soon.
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The best savings in Singapore is to buy property. You buy a property and every month when you pay your mortgage, treat the monthly payment as your savings. And best thing, your property will triple in value at least over 30 years. Say you buy a $500k property and you pay mortgage of $1500 every month over 30 years, you would have paid $540k in total. At the end of the 30 years, you will own the property which then will be valued at $1.5million. If you had just saved cash, you get $540k in cash after 30 years whereas if you buy the property, your $540k cash payment would give you a property which is worth 3 times your cash payment.
I'm now saving for downpayment for a landed property, somewhere in the Jurong Lake District. |
I'm 40, living in a fully paid 5 room HDB flat worth $600k.
My savings is now $200k. Planning to sell my HDB flat to buy a $1m condo. Must upgrade cos all my friends from Uni are living in condos or landed. |
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Reality is that if you sell your hdb and buy a private condo at the same time, you are inevitably paying through your nose because your hdb would not have appreciated as much as the private housing did. Reality is probably "... and luxurious lifestyle although my house area is now halved... or although I had to move from bishan hdb to sengkang or jurong west condo .. etc" |
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