As home ownership becomes increasingly challenging in many global cities, Singapore and Melbourne stand out for their relatively attainable housing markets. According to the Asia Pacific Home Attainability Index, both cities offer housing options that remain within reach for many residents, despite the trends seen in other urban centers. The price-to-income ratios for housing in these cities reflect this attainability, making them attractive destinations for prospective homeowners.
In Singapore, the price-to-income ratio for Housing Development Board (HDB) flats currently sits at 4.3 times the median annual income as of 2024. This positioning signifies that, while home ownership is becoming more difficult globally, HDB flats remain a viable option for many Singaporeans. The affordability of these units is particularly notable when compared to other markets in the Asia Pacific region, where the cost of home ownership often exceeds five times the median income, rendering them less accessible.
However, it is important to acknowledge that the attainability of HDB flats in Singapore has experienced a decline, dropping from a ratio of 3.7 times in 2022. This reduction is attributed to rising resale prices and a slowdown in the supply of completed units, which has placed additional pressure on prospective buyers.
Despite these challenges, the Singaporean government has actively implemented policies aimed at bolstering the supply of new HDB units. These initiatives include offering subsidies specifically designed for lower-income buyers, thereby enhancing the overall attainability of home ownership in the city-state.
Similarly, Melbourne’s housing market reflects a comparable level of attainability, with apartments in the city falling under the five times median income threshold. This alignment with the Asia Pacific Home Attainability Index indicates that Melbourne is also committed to maintaining an accessible housing market for its residents.
The city’s housing policies and market dynamics work in tandem to ensure that home ownership remains a realistic goal for many. The commitment to improving home ownership attainability in both Singapore and Melbourne is underscored by strategic government interventions.
In Singapore, the focus on increasing HDB supply and providing financial support to lower-income families highlights the proactive stance taken to address the challenges faced by potential homeowners. In Melbourne, similar efforts are evident as local policies adapt to changing market conditions to ensure that housing remains within reach for the average resident.
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News Source: Edgeprop
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