Why are we seeing so many million dollar HDB flats?
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- Singapore's HDB market is seeing a surge in million-dollar flats!
This video dives deep into the reasons behind the rise of million-dollar HDBs, including:
Population growth and increased demand
Low interest rates boosting affordability
Changing lifestyles leading to a need for bigger spaces
Limited supply struggling to keep up
We then explore the potential downsides of this trend, like:
Rising housing costs impacting young couples and families
Public perception of an unaffordable market
Inflated seller expectations pushing prices even higher
Finally, the video proposes solutions like:
Increased supply of larger flats in mature estates
Expanding eligibility for larger family flats (3Gen+)
Bringing back Jumbo HDB flats to meet demand
Is this a sustainable trend? Watch to find out!
#Singapore #HDB #MillionDollarHDB #PropertyMarket #Housing
The reason is because of the free market principle whereby greedy poeple are allowed to sell / market their property for any price they want without any form of regulation. As what they call, willing buyer and willing seller. And also, people buy bto for the lottery effect, to sell it after 5 years to reap profit. These should not be allowed in PUBLIC housing, if want to buy sell buy sell, pls do in the private market. And also, because of the greedy property agents who encourage owners to fan the flames, and some even specifically target BTOs that are reaching the 5 year mark to market about how owners are sitting on a pot of gold, and encourage owners to cash out to make a profit. Sell higher, buy higher, sell even higher. Never ending cycle. Those existing property owners would be happy to see their property price in value, but never consider what happens when they sell, where do they move to? Whereas those who currently do not own property feels left out and increasingly harder and harder to afford one.
The authorities are in sleeping mode. 😂Free market for hdb resale flats, coffee shops, and food court food prices keep on raising prices. Jia lat for retirees who have no income and young single hoping to get a flat before marriage. I think our young people should consider migrating to other countries.
Should blame the buyers not the sellers
Hope govt will impose cooling measures in HDB!
If you have sold your property for over $3 million and bought an HDB flat for over $1 million, you are still a millionaire. The recent $2 million asking price is just waiting for the right catch. An open market is a willing buy-and-seller transaction.
What goes up going to come down
No real gain for them. After they sell their million dollar HDB also hard to upgrade because everything else went up too. Decent condo now (for a similar size to the HDB) 3m+, landed easily 5m+....so probably have to get a smaller condo or another HDB
Well delivered speech. There have been a lot of discussions lately about the rising cost of housing in Singapore, and not to mention on how expensive buying a home in Singapore has been. HDB resale flats have not been spared with current prevailing market. Grants are only good for those who are willing to wait for long queue of new BTO flats & first time buyers. The idea of jumbo flat is good idea and will be better if some division of different entrances to provides more privacy for 2 generation living in the same roof. Not sure whether shared home ownership works or not.
free market should prevail. People who complain just sore they are not the sellers or the buyers.
last part was well done and brought home the key message - inflation expectations drive inflation! million dollar hdb news drive seller and buyer expectations, resulting in higher hdb inflation.
i see interest rate as a policy tool to mitigate the effect, interest rate itself is not the cause, it is an reaction to the prevailing unemployment and inflation. today event cause is disproportional increase in money supply during COVID. while this stimulus was important to avert recession. unfortunately this caused inflation of everything (houses included) when we exited pandemic due to both increased demand and money supply. to bring inflation down, interest rates has increased. but the money supply still remains high. it really helps that current bank stress test for pte properties is 4.8% and HDB stress test 3.0%. still many people still can get the loan, continuing the gradual increase in properties prices.
that being said, if you visit a million dollar hdb, you will perfectly understand why it is sold for million dollars. great location, great amenities, great view. an equivalent condo with similar tenure, size, view will be 2.8mil. so you could say HDB give a 65% discount premium.
The reason is because of the free market principle whereby greedy poeple are allowed to sell / market their property for any price they want without any form of regulation. As what they call, willing buyer and willing seller. And also, people buy bto for the lottery effect, to sell it after 5 years to reap profit. These should not be allowed in PUBLIC housing, if want to buy sell buy sell, pls do in the private market. And also, because of the greedy property agents who encourage owners to fan the flames, and some even specifically target BTOs that are reaching the 5 year mark to market about how owners are sitting on a pot of gold, and encourage owners to cash out to make a profit. Sell higher, buy higher, sell even higher. Never ending cycle. Those existing property owners would be happy to see their property price in value, but never consider what happens when they sell, where do they move to? Whereas those who currently do not own property feels left out and increasingly harder and harder to afford one.
Nope. The market is so distorted now that we also see property that are OLD/ less than 67 years of lease being sold for more than 1.2M. And also even in estates like Sengkang and bedok, which is FAR FAR considered as prime or central location, see over 1M property being sold. So what can u say now?
@@royalemakersupercellas singapore develop, sengkang and bedok are now highly popular and considered prime. The far away ones are tengah, jurong west.
67years lease is still v long. If you look at china, china lease is just 70years. secondly based on bala curve, 67years lease still has 84.2% of the fresh 99years value. The issue seem to be the fresh 99 years bto are priced too cheap, hence resulting in lottery effect.
Perhaps need to increase price of bto, increase MOP to 15 years and claw back 20% of sales price. But govt also has the consideration to allow young couples to own a home. Hence policy decision is difficult.
Ok lah. My daughter can buy BTO northern part of SG.
@@steventay5834huat kueh😍😍
Why no one complain starting pay getting higher and 5 figure income is a norm now? But always complaints other price go higher 😂😂😂
The reason is because of the free market principle whereby greedy poeple are allowed to sell / market their property for any price they want without any form of regulation. As what they call, willing buyer and willing seller. And also, people buy bto for the lottery effect, to sell it after 5 years to reap profit. These should not be allowed in PUBLIC housing, if want to buy sell buy sell, pls do in the private market. And also, because of the greedy property agents who encourage owners to fan the flames, and some even specifically target BTOs that are reaching the 5 year mark to market about how owners are sitting on a pot of gold, and encourage owners to cash out to make a profit. Sell higher, buy higher, sell even higher. Never ending cycle. Those existing property owners would be happy to see their property price in value, but never consider what happens when they sell, where do they move to? Whereas those who currently do not own property feels left out and increasingly harder and harder to afford one.
5 figure income is the normal? Since when? U living on mars or what? U would be grateful to even earn 3.5 K out of uni . And how about those wihtout uni degrees?
Maybe you are a high income earner. A million dollar flat is not an issue with you.
@@royalemakersupercell when I was 27 and only with o level already making 5 figure income that was then 1990 +. Today some intern starting pay already 8k, 5k internship is normal. If not why so many India national can rent condo?
@@choonhockong8215 I now depend on rental for income as I have multiple properties. Hope PAP abolish ABSD so all Singaporeans can buy more property. I believe is the bad spending habits of young generation, they travel for holiday too often, buy branded goods eat high end restaurants. No savings how to pay for down payment? Our generation never depended on parents one, all work hard save hard. If India national can come SG work and rent condo why cannot Singaporeans save up money even staying with parents?
WFH is more comfortable with bigger space, as experienced during Covid lockdowns. And let’s no forget the private property downgraders after their 15 month “ban”.
The reason is because of the free market principle whereby greedy poeple are allowed to sell / market their property for any price they want without any form of regulation. As what they call, willing buyer and willing seller. And also, people buy bto for the lottery effect, to sell it after 5 years to reap profit. These should not be allowed in PUBLIC housing, if want to buy sell buy sell, pls do in the private market. And also, because of the greedy property agents who encourage owners to fan the flames, and some even specifically target BTOs that are reaching the 5 year mark to market about how owners are sitting on a pot of gold, and encourage owners to cash out to make a profit. Sell higher, buy higher, sell even higher. Never ending cycle. Those existing property owners would be happy to see their property price in value, but never consider what happens when they sell, where do they move to? Whereas those who currently do not own property feels left out and increasingly harder and harder to afford one.
@@royalemakersupercell I tend to believe they allow this “free” market mechanism on public housing to “reward” the long term tenants for their commitments. You know how free market works… it punishes those who buy later.
@@allantankl not sure what U mean by long term. Btw, even if U buy at 700K and manage to sell at 1.5M, where U gonna stay after that? In the streets? Downsize? And also, the next buyer who buys at 1.5M will either try to sell it at 1.9M 5 years later, and hence passing on the burden to the next buyer. You already know there is a 99 year lease and the price can't keep going up forever. And hence, the last person who bears the highest price is indebted for 20 years to pay for a property that will eventually go down to 0. Happy that free market works like this?
@@royalemakersupercell don’t get me wrong. I’m telling what it is without having any subjective judgement to what is right or wrong. What I’m saying is this is intended direction (again I can’t say I’m supporting this since I’m on the receiving end of such policies). Yes, to make it obvious to you, the intention is to make you downgrade and pocket the extra cash from the more expensive assets. When you downgrade, population can grow and more people can be housed within a limited land. The trade-offs will be hence be bitter sweet.