The title of this blog post is not meant to be sarcastic. It is about human nature to follow the herd, especially the irrational urge to buy something when prices are high.
A second-hand HDB home for over a million? Our local media have the tendency to report properties that were recently sold at an unbelievably high price. Or the purchase price had just set a new record. These stories never fail to catch our attention. Most importantly, they work like magic to help property agents to close their next deal. That’s why we have exciting property headlines every week: “49-year-old HDB terraced house in Whampoa sold for record $1.268 million”, “Five-room Bishan HDB flat sold for record $1.295 million”, … Think about it: These buyers are not making easy money from venture capitalists, IPOs or speculative stocks and cryptocurrency. Instead of splashing on luxury penthouses or Good Glass Bungalows,...