'Won't sellers just push prices up the same amount as the grant?' — S'poreans on Lawrence Wong's announcement of HDB housing grants increase for first-time resale buyers
Taken from unsplash.com/kz

Photo: Taken from unsplash.com/kz

SG Economy |
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'Won't sellers just push prices up the same amount as the grant?' — S'poreans on Lawrence Wong's announcement of HDB housing grants increase for first-time resale buyers

Beatrice Del Rosario
Beatrice Del Rosario
|

SINGAPORE — In response to Lawrence Wong's announcement of an increase in HDB housing grants for first-time resale flat buyers, netizens are responding with their own cross-checking questions. One brought up the issue of sellers possibly raising prices to be the same as the grant amount.

Right after Deputy Prime Minister and Finance Minister Lawrence Wong's highly anticipated 2023 Budget address, the Housing and Development Board (HDB) took to social media to reiterate the announcement of the increase in measures to support first-time resale HDB buyers. On Tuesday (Feb 14), a post read, "From 1 April 2023, eligible first-timers buying a resale flat can receive up to $190,000 in housing grants, an increase from the $160,000 currently. This will provide more support for Singaporeans who are buying an HDB resale flat as their first home.


Further, HDB will also disburse the additional grant quantum (i.e. the difference between the increased grant and the current grant) to eligible buyers who have yet to complete their resale transaction, or to buyers who submit their resale applications from 3:30pm today to 31 March 2023, within three months from the date of their resale completion."



In response to the announcement, many online users shared their insights on the matter, with some even probing deeper into the situation. "Won't this mean sellers will just push prices up the same amount as the grant?" asked one. "As long it's a free market, prices will move based on supply and demand. Giving grants will very likely mean higher prices as sellers aren't ignorant."


"Giving more grants is just gonna snowball," said another. "Doesn't solve the real housing problem and resale flat price."


Still, a third wrote, "Does this address the affordability to lease a flat from HDB?"


Other netizens asked for clarification on the criteria that make one eligible for the grants or not.

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