"House prices in Singapore are considered “seriously unaffordable”,
with a median multiple of 4.6, which means that the median house price
is 4.6 times the city-state’s median household income, according to an
annual survey...
Conducted by urban planning policy consultancy Demographia in Q3
2018, the 15th Annual Demographia International Housing Affordability
Survey (2019) covered 309 cities in eight countries, including the
United States, China (only Hong Kong), the United Kingdom, Australia,
Singapore, Canada, Ireland and New Zealand....
The survey found that Hong Kong has the world’s least affordable home
prices, with a median multiple of 20.9, up from last year’s 19.4.
Vancouver came in second, while Sydney, Melbourne and San Jose came in
third, fourth and fifth, respectively...."
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
When I read the article I was kinda, what, how could this be, who dared to make such a comment? For a moment I thought it was a local media. On double checking I was relieved that it was reported by Yahoo Online. That made sense.
A report like this is as good as slapping our ministers for saying that housing prices are very affordable. Ok, let me be very specific here, the ministers must be talking about public housing like HDB and it is a conscious govt policy to make public housing very affordable for Singaporeans, like having a $1,000 monthly income can also afford one. And for doing that the HDB is losing billions annually to subsidise the public housing for the people.
Surely the report must be talking about private properties and not about public housing. I think it is safe to make this assumption. If not, if the comparison is about public housing, then the govt would be very unhappy and someone would likely have to say sorry and explain and even correct this mistake. Singapore's public housing is so affordable.
Even if it is about private housing, I disagree with the survey findings. See, Hong Kong's median housing price, I don't know what this mean, is 20.9 times the median household income. 20 times, you believe it, and we are only 4.6 times! That means our housing is very cheap compares to Hong Kong. We have a lot of room to grow, for prices to go higher, at least 10 times, and still quite a distance from Hong Kong. We must compare apple with apple and Hong Kong is the most like us, so we should measure ourselves against Hong Kong. Thus 4.6 times is really very affordable, not seriously unaffordable. Agree or not?
In the same article there was a link to another article claiming that 88% of Singaporeans are very unahappy with the high property prices. I think that must also be fake news or misinformation. How could it be? Singaporeans are the happiest lot, property owners, and the most supportive of the high property prices. They all stand to gain, to be paper millionaires, owning million dollar HDB flats with prices that can only go up and up.
The best proof that the report and linked article are fake news would be the result of the next GE. If the Singaporeans are unhappy, it could mean the end of the PAP. My take is that the PAP would continue to enjoy mass support with more than 75% majority votes.
You can disagree with me.
39 comments:
HDB flats proudly declared by the stooges sold as high a 1 million dollars.
Who's happy. HDB of course. They can tag their BTO flats as high or nearly close to 1 million.
Who's happy. Of course the Property Agents.My commision sky high.
Who's happy? The Few who sold at 1 Million and brought them for a song. Like me at just 46K with 1300 sq feet. Those who brought at 800K and just difference 200K are jubilant as dafts. Not enough to cover their interesrs loan and lost. Later had to purchase one for 1.2M.
Who's happy. The Contractors Chip Eng Seng and cronies.Can tender higher prices. You make i.e the HDB, I make.
Who's lose? You dafts and suckers.
How many can sell at 1M but you be buying BTO and resale at 1M.
Let's you all go and slaughter one another.
I just watch and laugh like UG:
KAaaaaaaaa! Six or Nine Smoke and Gas Grenades.
Or be killed by their Howitzer Tank.
Irene Ang told Son:
In camp and training.
Aa siah siam siam, aa siah act blur act blur.Can take MC take MC.
The most PSM or Private Sampai Mati.
What's for Have ranks and even go for Cadre or Ungrading course when you kena 6 or 9 smoke bombs and promoted to Sgt First Class and gave you a Wayang Military Burial
Who's to protect? Country? No! Family First.
They, very smart to have another COI and.then back to Square One
Blame the 69.9% of idiots, dafts, fools, nincompoops, bo-chaps, apoliticals and apathetics who keep repeating voting in the wolves in white. Nowadays changed to red T-shirts to become SDP impoaters.
9.52 am anon don't anyhow scold ok unless u wanted to Kena dor re mi.
My take is that the PAP would continue to enjoy mass support with more than 75% majority votes.
RB
RB, this one I agree with you, and seriously.
I tell u why.
U see ah, Tan Cheng Bock dare not say his new party will be ready to be govt at the next, or rather coming, election.
Now by not saying this, Tan Cheng Bock and party is destined to lose for sure because majority Sinkies will never vote for a party or parties which is not ready to be govt.
In fact this one WP's smart Low Thia Khiang already told Sinkies and the Sinkie opposition before but it seems the Sinkie opposition did not take him seriously by continuing to be not ready to be govt.
So whether it is Tan Cheng Bock or even Lee Hsien Yang, if they or their party is not ready to be govt, they can forget about winning lar. They will end up losing like Tan Jee Say, Goh Meng Seng or even long time loser Chee Soon Juan if they continue to fight but not ready to be govt.
Anon 10.58
You expect newly formed Political Parties straight away be the Ruling Government?
Why took over straight away when they can scooted away ?
Have them here to face whatsoever music that they have done during their watches.
Just grilled them in Parliament ans slowly skinned them of their imbecile wrong policies that harmed the citizens.
Do not alarmed them so that they still have their assets and imovable properties here.
In case needed to reimburse the State's coffers.
One step at a time.
To solve the housing affordability dilemma, my advice to PAP is that it should:
(1) push house prices down
(2) lift workers' incomes up
@ don't worry, stay happy
Patience people, patience.
Most of this inflation of asset prices is due to every cuntry printing way too much money and blowing huge credit bubbles.
Everyone is of similar sentiments; that the world's financial systems are wonky, everything is chaotic and a severe “correction” is going to happen...but no one can say exactly WHEN.
So I don't think this is a permanent problem. We need a crash. We need asset prices to return to sensible levels and accept that this insanity in all markets has to end.
The other way, is to return the HDB system back to the days when public housing was exactly that: ie. Not a vehicle for people to increase their net worth. The day HDB changed to “market based” was the beginning of this shit cluster fuck.
One step at a time.
Virgo49 11:16 am
Sorry to say, majority Sinkie voters don't think this way lah, and for a long time.
Or else Chee Soon Juan would have become MP long ago.
And Tan Jee Say would have won in the last election.
So why should the next election be any different?
And take note, Tan Cheng Bock as opposition candidate is a totally different animal from Tan Cheng Bock as PAP candidate.
If Chee Soon Juan is a PAP candidate, he would have become MP long ago.
hahaha.....why are we talking about this issue again
yes! I think our BTOs are very very very cheap
just look at the new BTOs launches, always overscribed!
so.......it must be very very very cheap, otherwise how can the new BTOs launches be overscribed!? many many many had to be disppointed!
btw.......uncle rb said at least 75% at the next GE, some even more daring, predicted a 79.9%!
they reasoned that many many many are now already vested in SG, such as their BTOs, SSBs, CPFs, etc etc etc etc etc............no choice no choice no choice,............
it is going to be very very very interesting to watch how future will be under the 4G and the results of next GE........heads or hearts.............
ALL THE BEST to everyone of us......hahaha...........cheers.......
Yes, I am also confident that PAP will win at least 70% in next GE.
I dare predict a 80% chance.
Housing price is a very serious problem. It cannot come down or else many people will go bankrupt or homeless. Not to worry about it becoming 0 value in 99 years. That is other people's problem, we would not be here by then. In the mean time just make sure the people now are happy for the time being.
How to keep this problem from not becoming a problem?
Easy, make sure the prices are supported and not allowed to fall. How to do it, import more foreigners to live here. They need housing, so the prices would be maintained. HDB can continue to sell new flats at higher prices also.
But how to keep building and building, our reclamation has a limit, no more sea to claim. Just pull down older housing and build new housing, higher and higher and smaller and smaller. Can use Hongkong as a yardstick. If Hongkies can live in 300 sq ft units, Sinkies can also. And smaller units are cheaper and use lesser land.
In this way kill many birds with one stone. More people to keep housing prices up, and more smaller units to house more people. And 300 sq ft can also sell at hundreds of thousands or 1 million. Win win for everyone. QED.
See, where got problem?
Not only birds and others wild lives habitat needs to go,cemeteries too
Anon 12.45
Disturbed all the Past Generations Pioneer Pioneer Ghouls and beware of KARMA.
One Fine Day have Tsunami,Soto Mee Earthquakes and
Sinking Sea levels than you know.
HDB gonna have AhLee Pay soon instead of Alipay.
Cheers
Hi V49 117pm
You said..one fine day...... but when?
When?
Rising sea level and "sea"Lang.
@RB,
Demographia is talking mostly about average resale HDB, with a bit of condos thrown into the calculation.
The median household annual income today is almost $100K (this includes all bonuses & employer CPF). Hence the median property according to Demographia is $100K X 4.6 = $460K.
This is about right for resale 4-rm HDB in *slightly* more mature estates, or resale 5-rm HDB in non-mature estates.
In fact for BTOs, with 1st-timer grants and lower-income grants, the affordability ratio can be below 3X (affordable) or at least between 3X-4X (moderately unaffordable).
THIS IS WHY PAPPIES WILL GET AT LEAST 65% VOTES IN THE NEXT GE:-
1) Strong increase in salaries of average Sinkie household in the last 5 years.
2) Very slow increase of BTO prices, together with more grants for 1st timers.
3) Sinkies who didn't get large salary increases in the last few years are the minority (sad but true).
Haha Virgo
Mention the word 'karma' and you will offend lots of people. Each person seeks his own destiny and suffer his own consequences.
Those who believe in 'karma' lose nothing and do not suffer the consequences for those who do not. The benefits of their believing will not accrue to you, neither will the pain and agony of their not believing be bourned by you either. Let them be!
Hello 1.59pm
You are 1oo% correct!
That is why the prediction is 79.9%!
Anonymous said...
@RB,
Demographia is talking mostly about average resale HDB, with a bit of condos thrown into the calculation.
The median household annual income today is almost $100K (this includes all bonuses & employer CPF). Hence the median property according to Demographia is $100K X 4.6 = $460K.
This is about right for resale 4-rm HDB in *slightly* more mature estates, or resale 5-rm HDB in non-mature estates....
The above is a mechanical interpretation of statistics that some economists/politicians would want people to believe that this is the right formula, the right amount to pay for housing.
Applying this formula mechanically, if the median household income is $1m, then a 4rm HDB flat should be priced at $4.6m. This approach totally disregard the cost of land, building material, manpower etc that go into the building of a flat. It assumes that the correlation of all the cost factors would rise accordingly.
Can see any problem with such an interpretation? I think this is too simplistic, just like saying if the average income of a PM is $X for an average size country, then a country with similar size and average performance should also pay its PM $X.
Then it is wrong to pay a the PM of a piece of rock 5 times the pay of the President of the USA.
The people in power often interpret statistics to their own advantage by making all kinds of exceptions and if cannot explain the jarring irregularities, just don't explain, no need to explain. But this is a separate issue from the mechanical interpretation of stats.
See, where got problem?
RB 12:39 pm
If PAP can win big again next election, even got problem also no problem, I mean for PAP lah.
RB, agree or not?
The people in power often interpret statistics to their own advantage...
RB 2:32 pm
I think PAP will still win election lah, whether or not they interpret statistics to their own advantage.
Even if PAP shoot themselves in the foot, they will still win.
The difference is all other cunties have freehold housing but not this small tiny cunt. Its all temporary for a lot of money. People from this small tiny cunt are screwed. A karma for voting the Queen out.
B, Knn first time u are right and I agreed with u. Must be past u Kena sodomized so many times that u finally woke up ah?
Hello 3.07pm
You are 1oo% correct!
1. Any cuntry that has no Freehold housing is not a Free Cuntry.
2. Any cuntry that only has a lease for land and housing is a cuntry on lease, temporary cuntry.
3. Any government ruling a cuntry on lease is a lease government, a temporary government. That means it has no intention to stay. At the first sign of the cuntry's collapse, its ruling class will scootl via the Scoot Airline. That's also why they are amassing wealth like nobody's business, without concern for the logic and reason why they pay themselves by the $millions every year (in order to establish safe havens in other cuntries?)
4. Any cuntry with ministers easily becoming millionaires legally, leegally or illegally, is likely a cuntry infested with traitors in disguise as magnanimous selfless leaders.
The one who controls the LAWS, the supply of land, the supply of public housing, the eligibility of various type of buyers effectively control both the demand and supply side of the equation; it can dictate whatever price it wants, and can perpetually create a so-called discount/subsidy to the smallish "controlled" private market. Welcome to State Capitalism.
State Capitalism is basically the modern form of Communist Dictatorship where the State owns EVERYTHING, including the people (peasants or slave-workers) who are supposed to work for the State and be give the basic necessities to live by, at the discretion and mercy of the Dictatorship of the Proletariat.
@RB
A Mickey mouse flat in Beijing or Shanghai costs US$1M. Does that mean the average Joe in those 2 cities earn $250K a year? Or does it mean those city leaders need to be sodomized???
In Communist China, the people are mostly peasants. In Singapore, they are called slave-workers.
The peasants in China were very poor during the early stage of Chinese communism. The slave-workers of Singapore were much better off then. But as China opened up and moved into the international markets, the peasants began to progress in wealth, freedom and political clout. While this was going on in China, the slave-workers in Singapore began to become poorer, more restricted and lost their political clout until they totally shied away from politics and political involvement (except for a few parasitic sycophants).
Today, the peasants in China are way better of in every aspect of life than the slave-workers of Singapore. That's why many Chinese in Taiwan, Hongkong, China and Malaysia labelled the Chinese in Singapore as Stupid. Even the founding PM of Singapore, the well-known Mr Lee Kuan Yew, had openly called Singaporeans DAFT!
Despite being overwhelmed by imported foreigners in all areas of competition, based on deliberate government policies, the stupid and daft Singaporeans (70%) remain stupid and daft. The influx of foreign talents have been unable to educate, train and open the eyes of the stupid and daft 70% of Singaporeans.
Those are diehard, hardcore home-grown incorrigible stupid and daft Singaporeans. No matter what you do to them (even sodomized repeatedly) they can feel no pain. Yet they seem to enjoy being screwed from behind repeatedly without respite. Thry are a curious specis of Homosapiens that Scientists should pay very close attention to. A researched book should be written about them and recommend the methods of how to make their citizens like the stupid and daft Singaporeans to other governments in the world. It would surely make tons of money. Every government in the world, whether communist of democratic) is sure to adopt the book like Tsun Tse's "Art Of War".
Title the book:
The Art of Stupidity.
Hello Virgo49. KAKAKAKAKAKAKAKAKAKAKAKAKA. 6 smoke bomb lai liao. Neh neh ni pu pu. You cannot see me. Slaughter here slaughter there, who is the enemy? Neh neh ni pu pu. Enemy is hiding. "Zheh Hai?"
Da Jia How. I am strawberry cao mei, cao liao fah mei millennial jiak liao bee generation. I read some where next generation is call tofu generation?
So what shall I label previous generation? Chuk Bee Png Generation? Niam niam one. Png Ge, Soon Kueh, Chui Kueh, Muah Chee. Niam niam one, Korh Korh Tih, dont want to siam, jiak liao baey pang sai, still dont want admit you all are the problem and want to blame strawberry generation? But being Chuk Bee Png generation is correct, you all like Chuk Bee Png, very li hai. Correct right? Old people time is eat Png Ge, Soon Kueh, Chui Kueh, Muah Chee mah. I label correct. Is Feng Shui era issue. So I am really strawberry. But since I am strawberry, what can I do when the Chuk Bee Png generation is sticking around? 69.9% blame me? Chio Si Lang leh you all.
You all old leaders Chio Si Lang. I see CPF and HDB article in this blog, I clap clap clap. This is year 2019. Gong Xi Gong Xi everyone. Gong Gong and Xi Kiao Kiao. Gong Xi Gong Xi. Lion Dance lai liao. Dong Dong Cheh, Dong Cheh Dong Cheh, Dong until Bin Cheh Cheh.
Any religion master and officer want to wear their uniform, stop their work, bring tents to camp at Hong Lim Park? Ong Teng Cheong use what qiu dian wei to tiao 4000 chui ah? Si bei man leh. Religion master, ex officer, officer all go Hong Lim park camping, bring some bamboo, cook rice inside, dunno can attract some birds to 4000 a not ah? Or during sunday, the religion master announce, we all go hong lim park now, remember the ten commandments? Sunday in Singapore north south east west religion master announce it, all the followers, yes master, the amount of car from every location the religion master announce can jam the hong lim park road a not ah? Opps. Sunday office close. Who cares? I li hai is my problem, go Bangkok also got fresh water drink, upgrade package even more li hai, got fresh coconut juice drink. KAKAKAKAKAKAKAKAKAKA.
QG, not that I want to say you. Continue to post rubbish. I want to sodomize you to help you wake up lar.
12.19am, before u go sodomize someone in China, why not focus your energy to sodomize those sitting around here first.😰
Anonymous said...
@RB
A Mickey mouse flat in Beijing or Shanghai costs US$1M. Does that mean the average Joe in those 2 cities earn $250K a year? Or does it mean those city leaders need to be sodomized???
January 27, 2019 12:19 am
My main contention is that the formula of 3 or 4 times median household income as the standard and acceptable yardstick to price housing is bull.
And there is a big difference between private housing and public housing, especially so called subsidised housing. And there is also the lease, freehold or short term. My position on private housing is that it can let market forces to determine the price up to a point before it becomes ridiculous.
As for public housing, especially when it is just a lease, not ownership, that formula is unreasonable and unacceptable. Public housing is for living, not for speculation, and worse, fake speculation and fake asset enhancement when at the end of the lease its value is a big 0. How many suckers believe that their HDB flat is an accumulation of wealth when the hard truth is placed in their face? The short term increase in prices is a scam that would not last long and would quickly fritter away.
RB, that fella is comparing apples with oranges and not argue logically. You should sodomize him before he goes to China to sodomize the city leaders there!
Soto Mee seems to be gaining in popularity in Sinkieland as well. I hope Sinkies do not claim this as Sinkieland's heritage food!
The Matlanders would not be pleased and will issue more threats. They are trying hard to find fault with us. Be careful, be safe.
@ RB
There are no self-generated price signals from the market --- because of the nature of this public-housing-for-personal-profit scheme. So the govt can use any statistical interpretation is wants, and of course always in favour of The State.
So they do the calculations for price and work out the subsidies...then they say OK lah, let the market find the price. Of course lah, the price is going to be high, and BTO get over-subscribed...the govt “juiced” the price mechanism with their interference. Add to that the massive amount of money printing and the freely available credit at low interest. Boom lah. Owners cock stand cos’ their asset values go sky high. Potential buyers: bang balls as the idea of having their own home slips away rapidly.
No owner --- public or private would ever support that HDB returns itself to true, socialist-style public housing. If it has to be done, the govt has to FORCE it on the people, because the govt itself created this MONSTER of adding a “free market component” to the HDB system, and counting the asset inflations as “increases in true net worth”, and allowing people to make money from asset inflation; essentially turning EVERY HDB leasor into a property speculator.
Locking away so much money in housing is CONSUMPTION, not investment. People have fallen into the mistaken belief that their HDB is an “asset” --- even the govt advances this LIE thru policy.
Suppose the HDB prices were “normalised” (say, to 1/4th the astronomical prices experienced now) to what they are supposed to be in a pure public system. I.e. no speculating, fixed price, buy and sell only to and from HDB itself, no “secondary market”. That means people, instead of paying (say) 500k for a flat, only pay 125k (I choose easy figures for illustration). That means for the lifetime of the loans they pay now, they’ll have EXTRA 375k to do whatever….like, start a business, become an entrepreneur. This fosters entrepreneurship in the society because now only a small amount is “consumed” for housing.
So The People will have to give up the idea of HDB being their own private ATM machine, and the govt will have to give using HDB as a political tool.
Therefore, chances of that happening are slightly greater than Lee Kuan Yew actually appearing like a Jesus Christ resurrected, in the flesh. I.e. ZERO.
P.S. Disclosure: I --- as well as many baby boomers and pioneer generation --- profited greatly from this HDB thing back in the 1990s. No one hands you a medal because you are willing to sacrifice so-called "principles" for opportunity. Everyone was playing the game. You might as well jump in, make your money and get out; don't be too greedy, but don't be too meek either.
So are we a bunch of "opportunistic hypocrites"? Probably, and probably not. Duality baby --- you can be both! 😜
As a Singaporean, it is in the culture to look for "lobangs" and exploit those lobangs for personal gain.. C'mon, dun be shy shy and bedek the fake moral high ground. In Singapore, personal gain first, morality optional. Pragmatism has no moral compass, which means the code is straightforward, conflict free and compiles then executes...brilliantly.
Huat ah, you die your business 🤡
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