Own HDB already, should be happy right? Especially when you see those property agent flyers shouting about record prices in your neighbourhood. But hold on, many Singaporean HDB owners are actually feeling more ‘kancheong’ than ‘shiok’ about the crazy resale market. Why leh?
Prices Keep Climbing Lah
The HDB resale market has been on a tear, especially after the COVID-19 shake-up. Prices have shot up significantly across the board. While this looks good on paper for existing owners, the reality feels different for many on the ground. People see their flat’s value increase, but it doesn’t always translate to real joy, especially when thinking about the bigger picture in Singapore.
- Many owners bought their flats years ago at much lower prices.
“I bought my 4 room resale flat ten years ago for 470 and it is now 770. I am not selling because I have no interest in spending an obscene amount of money for my next flat.”
- Even recent buyers feel uneasy about the rapid appreciation.
“I bought a resale flat right in the middle of the post COVID-19 price appreciation, but every time I look at the property agent flyers about flat prices going up, I feel more worried that my peers who haven’t bought yet are going to suffer.”
- The sentiment is widespread: rising prices aren’t universally welcomed.
Why Owners Also Worry
Here’s the kicker: even if your flat value goes up, upgrading isn’t straightforward. If you sell high, you likely have to buy high too, whether it’s another resale or a private property. The actual cash benefit might be small unless you’re downgrading significantly, often near retirement. The biggest worry? The future generation.
- The ‘profit’ comes at the expense of younger Singaporeans entering the market.
“The supposed lottery profit that HDB offers is being paid by new buyers / future gens.”
- Many owners worry about their own children’s ability to afford a home.
“I am going to vote so that my kids won’t need to suffer the insane high prices of HDB.”
- There’s a strong feeling that public housing shouldn’t be treated purely as an investment tool.
“It’s public housing, not for property investment.”
What Can Be Done?
So, what can we actually do? The conversation on Reddit highlights a shift in mindset and potential actions. Many homeowners are emphasizing the primary role of HDB as shelter, not just an asset. It’s about ensuring housing remains accessible for fellow Singaporeans and future generations.
- Focus on the purpose of housing: a place to live, not just flip.
“I believe in buying houses just for living in and not for selling. I bought my house with the intention to live in it until I die.”
- Consider policy changes to moderate prices.
“HDB should have some sort of price ceiling. Or controlled increase with wages.”
- Think about alternative transaction models.
“hdb should only be transacted via hdb, was a mistake doing it on the open market.”
- Engage politically to advocate for affordability.
