Housing may be affordable – but is housing mobility slowing?

Will private property become the remit of the wealthier and older generation at the rate housing prices have gone up over the long term?

Young people are finding it harder to buy their own homes, let alone afford homes comparable in size or quality to those their parents raised them in. PHOTO: ST FILE
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J is a 21-year-old student who lives with her parents – a professional in the shipping sector and a housewife – in a condominium in Bishan. Each time the topic of housing prices comes up, she gets agitated. “I am always very shocked by the prices of new developments (for condominiums and resale flats),” she says.

“I’m surprised that even flats in non-mature estates like Punggol and Sengkang are commanding quite high prices like $900,000 for five-room flats on the resale market. If there are such prices on the market and buyers who are willing to pay, then more sellers would continue to sell at this price.”

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