Is Singapore homes still affordable?

[Boliao]

https://www.edgeprop.sg/property-news/growth-private-home-prices-accelerated-35-2q2022

"Private home prices in Singapore increased by 3.5% in 2Q2022, according to URA. This was slightly higher than the flash estimate of 3.2% released on July 1. The 3.5% q-o-q increase is significantly higher than 1Q2022’s 0.7% increase, according to URA data released on July 22. This brings the overall private home price increase to 4.2% in 1H2022. Home purchases by foreigners totalled 296 units in 2Q2022, based on caveats lodged, double the volume in 1Q2022, when foreigners purchased 147 units."

Singapore housing prices has grown 10.3% YoY in June 2022 while, Singapore's median income is $4,680, up $146 or 3.2% YoY. With recent property prices, are Singapore properties still affordable?

Affordable housing is defined as no more than 30% of the monthly median disposable income (under mortgage) or 5 times the annual median income.

Taking the average price of a 3-room HDB at $350,000. This is already 25% above 5 times the annual median salary. I would say Singapore homes were no longer affordable since 20 years ago.
https://www.hdb.gov.sg/-/media/doc/CCG/22042022-Public-Housing-Data/Annex-C.ashx

 

[syed putra]

Limited land unlike jiu hu aNd thailand.

 

[Boliao]

More like artificially inflated

 

[sweetiepie]

Imuho this question should be posed by the millennials. The flaccid boomers all no issues with that or rather the higher the better.

 

[ilovechinesegal]

Sinkie houses will become hk sooner or later. It is uncontrollable. Land too small.

 

[Boliao]

Sinkie houses will become hk sooner or later. It is uncontrollable. Land too small.

If Singapore population grows to 10 million. If population remains stable, there is no reason for sharp increase (or any increase) in relations to expendable income.

 

[mojito]

What is the point of that question? You should work hard. Harder if u can't afford it just yet. Hard work is the foundation of our great nation's stability.

 

[SBFNews]

What is the point of that question? You should work hard. Harder if u can't afford it just yet. Hard work is the foundation of our great nation's stability.

Sometimes, no matter how hard you work, the PAP elites will make sure you cannot afford so that you live under their mercy

 

[countryman]

In the 1st place, the blame should be on the prices of HDBs n gahmen not doing anything to curb the prices of resale HDBs... Public housing @ easily 1m now, how would the prices of private properties not moved up?

 

[LittleP]

In the 1st place, the blame should be on the prices of HDBs n gahmen not doing anything to curb the prices of resale HDBs... Public housing @ easily 1m now, how would the prices of private properties not moved up?

You are not totally correct in your claims. The price of resale if actually dependant on the valuation amount from the team of valuers that are APPOINTED by HDB & no other valuers are allowed to do valuation on any HDB flat that's for sale. If you follow the news carefully, they made a mistake of saying COV above valuation a few times, realised their mistake & stopped printing it. So, if you just read the article heading, yeah, it looks like someone spoiled market. But in fact, it was the pushing up of valuation that pushed resale prices up big time when demand on properties were at an all time high.

 

[countryman]

You are not totally correct in your claims. The price of resale if actually dependant on the valuation amount from the team of valuers that are APPOINTED by HDB & no other valuers are allowed to do valuation on any HDB flat that's for sale. If you follow the news carefully, they made a mistake of saying COV above valuation a few times, realised their mistake & stopped printing it. So, if you just read the article heading, yeah, it looks like someone spoiled market. But in fact, it was the pushing up of valuation that pushed resale prices up big time when demand on properties were at an all time high.

Who're the appointed people pushing up the valuations? Which organization are they from? Who do u think the valuers are working for?

 

[JohnTan]

https://www.edgeprop.sg/property-news/growth-private-home-prices-accelerated-35-2q2022

"Private home prices in Singapore increased by 3.5% in 2Q2022, according to URA. This was slightly higher than the flash estimate of 3.2% released on July 1. The 3.5% q-o-q increase is significantly higher than 1Q2022’s 0.7% increase, according to URA data released on July 22. This brings the overall private home price increase to 4.2% in 1H2022. Home purchases by foreigners totalled 296 units in 2Q2022, based on caveats lodged, double the volume in 1Q2022, when foreigners purchased 147 units."

Singapore housing prices has grown 10.3% YoY in June 2022 while, Singapore's median income is $4,680, up $146 or 3.2% YoY. With recent property prices, are Singapore properties still affordable?

Affordable housing is defined as no more than 30% of the monthly median disposable income (under mortgage) or 5 times the annual median income.

Taking the average price of a 3-room HDB at $350,000. This is already 25% above 5 times the annual median salary. I would say Singapore homes were no longer affordable since 20 years ago.
https://www.hdb.gov.sg/-/media/doc/CCG/22042022-Public-Housing-Data/Annex-C.ashx

View attachment 153465

Singapore homes are largely affordable. If you have tight budget, buy a smaller HDB flat at the outskirt areas.

 

[JohnTan]

Who're the appointed people pushing up the valuations? Which organization are they from?

The valuations are pushed up by history of transactions of HDB apartments in the block, the HDB apartments across the street and in the actual block itself.

 

[Pinkieslut]

Sinkies complain non stop cannot shit blame ground is too hard full of crap!

 

[LittleP]

Who're the appointed people pushing up the valuations? Which organization are they from? Who do u think the valuers are working for?

You can find them in HDB. Their office in same tower in Toa Payoh. They working for the G, not the sellers or buyers