Monday, July 16, 2007

Costs of living shooting up

House prices are just crazily shooting up toomuch lately. Was looking at some new townhouses ranging 2500 square ft around the neighbourhood and it's selling for 670k!!! It does look pretty nice though since the new construction area wanted to mimic something that of a European style so there are small shops along the street, and a nice terrace on top of all townhouses. It's amazing how much the costs of houses has rocketed lately, the average salary of someone making a midclass salary really can't keep up with the appreciation of the costs. Maybe it's due to too much immigrants and people who are investing and making $$$ off the turnaround of selling houses. I wonder what kind of security that the government will do to protect its' citizens with the costs of living raising much more sharply than average salaries.

4 comments:

sp said...

Government will do... nothing.

可可 said...

Government will increase land-transfer tax.

Cuckoo said...

One query-Why do you think it must have shot up because of immigrants ? Do they earn more than the locals? Or is it to discourage them from buying ?
Just a curious thought.

Edmund Lee said...

@sp: Do nuthing...? crap... have to save up like another 20yrs to buy a house... or pay mortgage for the rest of life!!!! -_-

@cockoo: the reason why is the bulk of the immigrants who are let in are 'investing' immigrants who normally carry large sums of $$$ into the country. There are ones who comes for technical expertise or apply for visa... but normally they live in lesser pricey homes. It's amazing that if you go to a more nicer neighborhood, most of the residents are of immigrant status. Looking at our average salary and the way that the costs of living is appreciating, it does seem that there is some external factor that is in play to drive up all these demand.