Anonymous
Even with the cooling measures and new BTO structure plans, it doesn't seem like the prices are dropping rather it might even increase in the near future. Would like to hear your thoughts, especially for non-degree holders who might have trouble hitting the median income. (Excluding Business owners and entrepreneurs).
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Both BTO and HDB resale unlikely to go back to pre-pandemic prices. Even if the price drop due to cooling measures or change in policies, such drop is also likely to be mild, with -5% at best imo.
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Would not drop as supply is low and property demand is always high
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Over the long term, housing prices will only go up. Resale flat prices have gone up on average by 35% across the whole of Singapore since 2020.
For it to drop back to pre-pandemic levels, prices need to drop by 26%.
It will require a pretty catastrophic economic event to trigger a drastic fall of prices in the property market, which is not likely to happen.
The MSR policy introduced in 2013 has created a very strong foundation for HDB owners, they are not overleveraged in any way.
Despite the current high prices, current owners of HDB are pretty well cushioned by the high level of savings and the low cost of mortgage generally. So it will not trigger a sell-off in the resale market even if a recession is going to hit. Most would probably just tighten on the non-essential spending and they will be ok.
As BTO prices are closely linked to resale prices and the cost of construction, BTO prices are unlikely to drop as well.
So in my opinion, it is more important to adjust your expectations on your future housing and work towards a plan to level up your income to match it. Don't overstretch yourself and buy something that is not within your means.
The government has introduced many grants and schemes to support all first-time home buyers. There will always be a home that you can afford.
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So the moral of the story is to either get engaged/married as a couple early to secure your BTO befo...
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I highly doubt.
Properties in general are upwards trend, since 1996 cooling measures were introduced.
There are more than 13 cooling measures since 1996.
It cooled the market. But some btos are still in the 640k range.
Dont need talk about the privates.
Imagine some of these measures are released.