The government has issued its latest cooling policy by increasing the rate of stamp duty.

On 1 May, Singapore's Deputy Prime Minister Wong Choon Choy was asked about property prices at the National Trades Union Congress' May Day rally.

The other party said that in the 1980s, a four-room HDB flat in Singapore was only S$40,000, but now the pre-built HDB flats are much more expensive.

At this rate, how will his children be able to afford it in the future?

Mr Wong replied that in the 1980s, HDB flats were priced at S$40,000 and the median household income was S$900, with each family using a quarter of its income to repay the loan.

Nowadays, although the price of a HDB flat has increased, the increase in income and the proportion of income used to repay the loan is almost the same.

He said that the four-bedroom HDB flats in Bukit Batok are now almost $350,000, which is about 10 times higher than before, but the median household is already at S$9,000, which is a flat increase, and people are still using a quarter of their income to repay their loans.

What's more, people are now basically paying for their homes through the CPF and not using their own cash money.

According to the data, the latest median household income in 2022 is S$10,000 and 99.