Home ownership attainability presents a stark contrast between different markets in the Asia Pacific region, with Singapore and Melbourne emerging as notable examples of relative affordability. According to the Asia Pacific Home Attainability Index developed by the Urban Land Institute (ULI), Singapore’s Housing and Development Board (HDB) flats are highly regarded for their affordability. In 2024, the prices of these flats are reported to be just 4.3 times the median annual income, positioning them as one of the most accessible housing options available in the region.
Melbourne’s apartment market also reflects favorable conditions for home ownership. With a significant portion of homes priced under five times the median income, the city’s housing landscape presents itself as one of the few markets in the Asia Pacific capable of offering attainable living options. This statistic aligns with ULI’s criteria for attainability, which designates homes with median prices less than five times the median annual income as accessible to the average citizen. Both Singapore and Melbourne demonstrate a commitment to maintaining relative affordability in their respective housing markets.
Despite the generally favorable attainability of HDB flats, there has been a notable decline in affordability compared to previous years. In 2022, the price-to-income ratio stood at 3.7 times the median income, indicating a slight deterioration in affordability due to a decreasing supply of completed units and an uptick in resale prices. This trend signals a potential shift in the dynamics of Singapore’s housing market, where rising demand may be outpacing supply, putting pressure on future attainability.
In contrast, other major markets in the Asia Pacific region, such as Hong Kong and China, experience significant challenges regarding home ownership. In Hong Kong, for instance, home prices soar to an astonishing 23.4 times the median annual income, making it one of the least attainable markets in the world. Similarly, China faces a daunting situation with home prices ranging from 20 to 23 times the median income. These stark discrepancies highlight the relative successes of Singapore and Melbourne, which continue to foster environments conducive to home ownership.
The contrasting scenarios of attainability in these markets underscore the importance of policy frameworks and economic conditions that can influence housing accessibility. Singapore’s proactive approach to public housing through HDB initiatives has provided a sustainable model for affordable living. Meanwhile, Melbourne’s strategies in urban planning and zoning have also contributed to the availability of reasonably priced housing options.
As the Asia Pacific region grapples with the complexities of home ownership, the cases of Singapore and Melbourne serve as benchmarks for other cities striving to improve their housing attainability. The balance of supply and demand, combined with strategic policies, plays a crucial role in shaping the future of home ownership in these markets, demonstrating that attainable housing is not an unattainable dream but a feasible reality in certain contexts.
NEW CONDO LAUNCH: DOVER RESIDENCE
Dover Residence is a newly launched condominium in Singapore, conveniently located near the Dover MRT station, providing easy access to public transportation.
The Dover Residence project features a diverse range of unit types, from one to four bedrooms, catering to various buyer preferences.
With modern amenities such as a swimming pool and gym, it is designed for both relaxation and recreation.
Families and young professionals will appreciate its location in a mature estate, surrounded by established schools and shopping centers.
View Dover Residence Condo ShowFlat & Get VVIP Discount. Register or contact 6100 8822 to book showflat appointment.
News Source: Edgeprop
Images are not actual photos. For illustration purpose only.
