In general: smaller price increases, at or near record levels - that is where we are now, according to flash estimates by the authorities.
HDB prices are at an all time high...never seen before!
Private property prices are reaching an all time high...we give it one or two more quarters to surpass it (barring all the usual excuses).
If you ask how much we are up from one year ago, HDB homes are up an amazing 12% (pretty huge for HDB) and Private property is up a modest 24.5%. HDB resale prices are also estimated to break a new record - according to the HDB resale flat price index. And although private property still hasn't reached its 1996 peak yet, it is almost there.
Some we have spoken to told us that HDB prices were well bolstered during the down turn by a sustained demand for cheaper housing and a growing population, all this while private property was taking a beating from business sentiment.
Of course we also have friends in the industry that tell us that this feels eerily similar to 1996 - before the big bust. Some are even telling us to take profit, even if it means giving up 10-15% extra.
Some of their advice?
- "Sell on the way up, not when you are there"
- "Don't be greedy. Be fair and always give some space for the next buyer to make a profit"
- "Each new high, is always higher than the last. So when you are at the last high, start making your exit"
- "When your neighbor auntie suddenly become a property expert, run like hell."
- "Don't listen to bears. Haven't met a rich bear before"
- "Have you walked around the Marina bay lately? Singapore will never be the same again"
How about you readers? Got any good advice to share? Tell us here.
Images: URA & HDB
As posted in h88.com.sg by Francis