To celebrate or to kick asses?
HDB resale prices up another 3.8% for the second quarter. Private housing up 5.2% for the same period. Analysts are revising the annual increase to 12-15%. This means that HDB owners will have a paper gain of more than 10%. A $500k property will appreciate by $50k, $400k property by $40k. Correspondingly the property tax next year will be up. To keep pace with the rapid rise in price of HDB flats, buyers must have pay increases of the same percentage just to stay even. Those who have lower pay increases will find the price running away faster. For existing HDB owners, getting paper windfalls, shall they celebrate or cry? For those who have to buy resale flats, there is only one option, pay more. So, shall the Minister in charge of housing be given a big bonus or a big kick in his ass? It all depends on whether one is benefitting from this glorious rise in prices or having to pay more.