*Official* General Market Chit Chat Thread - Part 2

[tmkedmw]

What was the average wage back then?

Don't know the median wage in 1981.
Fresh Diploma about $700/mth and for General Degree about $1100/mth.

 

[Mr.Canberra]

the hdb flat only cost about 1-2 years of my father's salary.

Now where got so cheap?

Yes very true. HDB prices in the 70s and early 80s will only cost a few years of a blue collar worker's salary. 1 family man work can feed a 5 person household.

Well done MIW for lifting Singapore to Swiss standard (some say cost) of living!

Even if they want to now cannot have sharp U-Turn on property prices as will have political backlash from those who bought at high prices during the peak years.

Dr. Chee was and is correct. HDB prices must be delinked from private property prices. Quote and unquote.

HDB flat is a roof for most middle class Singaporeans and some say fake marriage with PRC/Viet/Thai mei mei. Speculators and those who are rich enough let them go and fight it out in the open free market.

 

[Perisher]

Don't know the median wage in 1981.
Fresh Diploma about $700/mth and for General Degree about $1100/mth.

Like that means really a few years can pay up the property, some can even pay full sum in cash.

With just 100k, one can own 5 HDB... song boh.
Now cannot even afford 1...

 

[onlybuyneversell]

Like that means really a few years can pay up the property, some can even pay full sum in cash.

With just 100k, one can own 5 HDB... song boh.
Now cannot even afford 1...

I am sure a lot of old uncles is buy hdb in their 20s-30s. By 40s aim for condo liao. All retire with a few properties if plan swee swee. Life was definitely great under LKY.

 

[Mr.Canberra]

Like that means really a few years can pay up the property, some can even pay full sum in cash.

With just 100k, one can own 5 HDB... song boh.
Now cannot even afford 1...

In those days majority will not have the cash to pay up in full by CPF or cash unless is towkay's son, Punggol pig farmers or something. Yes do not laugh. Pig farmers are rich man in those days.

 

[Mr.Canberra]

I am sure a lot of old uncles is buy hdb in their 20s-30s. By 40s aim for condo liao. All retire with a few properties if plan swee swee. Life was definitely great under LKY.

The upward mobility in those days are easier even with no education as long as you are hardworking. Pig and chicken farmer also can huat.

In the 1970s a HDB 4-Room flat costs only around S$12,000 - 15,000.

 

[tmkedmw]

Like that means really a few years can pay up the property, some can even pay full sum in cash.

With just 100k, one can own 5 HDB... song boh.
Now cannot even afford 1...

From https://jeremy-chen.org/blog/201309/affordability-hdb-flats-then-and-now

"We can see that in 1980, the price of a 3-room HDB flat in Queenstown is $20,000. The salary of a factory operator was $500 a month or $6,000 a year then. Going by the Price-to-Income ratio, the price of 3-room flat in Queenstown then was 3.33 times of annual salary of a factory operator. At ratio less than 5, it is considered quite affordable to buy the flat.

By 2013, 33 years later, the price of a 3-room HDB flat in Queenstown has risen to $335,000 while the salary of a factory operator is only $1,100 a month or $13,200 a year. The Price-to-Income ratio in this case is calculated to be 25.4, grossly unaffordable to a factory operator.

Indeed, in the last 33 years since 1980, the salary of an operator goes up roughly 2 times ($500 to $1,100) while a 3 room flat in Queenstown goes up 17 times ($20,000 to $335,000)!"

 

[Dividends Warrior]

From https://jeremy-chen.org/blog/201309/affordability-hdb-flats-then-and-now

"We can see that in 1980, the price of a 3-room HDB flat in Queenstown is $20,000. The salary of a factory operator was $500 a month or $6,000 a year then. Going by the Price-to-Income ratio, the price of 3-room flat in Queenstown then was 3.33 times of annual salary of a factory operator. At ratio less than 5, it is considered quite affordable to buy the flat.

By 2013, 33 years later, the price of a 3-room HDB flat in Queenstown has risen to $335,000 while the salary of a factory operator is only $1,100 a month or $13,200 a year. The Price-to-Income ratio in this case is calculated to be 25.4, grossly unaffordable to a factory operator.

Indeed, in the last 33 years since 1980, the salary of an operator goes up roughly 2 times ($500 to $1,100) while a 3 room flat in Queenstown goes up 17 times ($20,000 to $335,000)!"

Moral of the story - Study hard and die die don't become factory worker.

 

[Wood41]

To rescue the desperate?
Cooling measures are for different reasons.

Actually I meant the timeframe different.
I think when it is the third or fourth hike, there will be a relax of cooling measure.

 

[Dividends Warrior]

The upward mobility in those days are easier even with no education as long as you are hardworking. Pig and chicken farmer also can huat.

In the 1970s a HDB 4-Room flat costs only around S$12,000 - 15,000.

Create apps or games like Pokémon GO. Huat until BLC.

 

[Mr.Canberra]

From https://jeremy-chen.org/blog/201309/affordability-hdb-flats-then-and-now

"We can see that in 1980, the price of a 3-room HDB flat in Queenstown is $20,000. The salary of a factory operator was $500 a month or $6,000 a year then. Going by the Price-to-Income ratio, the price of 3-room flat in Queenstown then was 3.33 times of annual salary of a factory operator. At ratio less than 5, it is considered quite affordable to buy the flat.

By 2013, 33 years later, the price of a 3-room HDB flat in Queenstown has risen to $335,000 while the salary of a factory operator is only $1,100 a month or $13,200 a year. The Price-to-Income ratio in this case is calculated to be 25.4, grossly unaffordable to a factory operator.

Indeed, in the last 33 years since 1980, the salary of an operator goes up roughly 2 times ($500 to $1,100) while a 3 room flat in Queenstown goes up 17 times ($20,000 to $335,000)!"

That is why I mentioned before blue collar workers have been ripped off for far too long.

Their income is disproportionate to today's living standard. Either you increase the salary or delink price of public property from private property.

 

[Mr.Canberra]

To rescue the desperate?
Cooling measures are for different reasons.

Just like the stock and futures market. Flush out the weak hands.

Unless have a great recession like in 2009. Otherwise the cooling measures are here to stay for the long term. MIW is afraid of the political backlash in GE 2019 or 2020.

Create apps or games like Pokémon GO. Huat until BLC.

Haha not everyone has the talent to go into tech business.

 

[uncle168]

fwah natcool from 50c now left 10c

 

[Mr.Canberra]

fwah natcool from 50c now left 10c

uncle168 in those days Punggol pig famers are rich men. Tio boh? Many young people these days do not know about this fact.

 

[Dividends Warrior]

That is why I mentioned before blue collar workers have been ripped off for far too long.

Their income is disproportionate to today's living standard. Either you increase the salary or delink price of public property from private property.

That's why Singapore education is so stressful, competitive and cut-throat. All the blue-collar parents don't want their children to grow up become like them. If cannot secure cushy white-collar office work really is GG.com

 

[Perisher]

fwah natcool from 50c now left 10c

Hope nobody jumped in...

 

[Mr.Canberra]

That's why Singapore education is so stressful, competitive and cut-throat. All the blue-collar parents don't want their children to grow up become like them. If cannot secure cushy white-collar office work really is GG.com

Let us not forget many of our pioneer generation elders are still working and should be paid better.

3% annual wage increase for local cleaners is an insult. Cannot even cover inflation during good years.

 

[uncle168]

by 2020 most of the cleaners you see would at least have a degree from nus or ntu

this is because our university produced too many degree holders

 

[uncle168]

the government would have retrenched many civil servants replaced by robots or eservices

so all those who get degree no choice have to sweep floor like in european countries

 

[akwl88]

Let us not forget many of our pioneer generation elders are still working and should be paid better.

3% annual wage increase for local cleaners is an insult. Cannot even cover inflation during good years.

not sure whether the salary is also an insult

1k per month in sg.........