So I found a new interesting read, The Alchemists by Neil Irwin. If Paulo Coelho's is more of life and spiritual journey, Neil Irwin's is more on the fiscal history, role of economists and central bankers.
I didnt finish it yet, but I came to recall how eliminating bank were what I'm thinking of to bring down the property prices down (here)
People justify that property prices is never going down, and even it does, only at miniscule amount.
But developers, traders alike, are brave enough to bring up the prices up, be it cars or property, because they know you can afford to pay them. Here comes the bank. Easier means to apply for loans at one point, even fresh grads can apply for a 100% loan without any downpayment to buy their 1st car. That's the danger. The impression that you have the power to buy anything. (Which is why, I never believe in using credit cards).
Some are against the RPGT (Real Property Gain Tax) as it hurts the property business. That's one of the reasons projects are slowing down as there are fear that the units on offer might not be selling as good as it used to be. For me, not so much. I'm all in for RPGT, because it tighten the chances for you to speculate and just merely 'invest' in property, thus increasing the property prices at astronomical fold.
I don't know how to put it into words, I have to be honest, and I can only grasps at only small things that I have read upon; but in my excitement reading the book, one thing is clear, debt, property prices, banks and central banking in particular, is all interconnected, and they make or break our community.
Just dont get into debt that much. Think it over before you swipe that credit card. and not all properties is a must-buy-before-it-turns-too-expensive. Some are already overpriced anyway, and this coming from an architect.
Start looking at alternatives; rent a house if you have to to live in the city; but you can build your own house, look at other location which will cost reasonable for you in the long run.
You want to live in a crowded and over-populated/polluted in the next 20 years? or live in your old grands kampung house like for like?
Up to you.
Disclaimer; I wrote this for my own food for thoughts, for my future self to look back; not to impose, or to impress.