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Source: Zaobao, 23 Jan 2024, TODAY ONLINE
Parents help to pay for Downpayment. More young people buy new launch private properties
Median age = 39 year old. Although the median age is 39, the fastest growing segment is 26-35.
Study shows young adults becoming more active in buying new private homes.Median age of Singaporean homebuyers now at record low of 39 years
The share of young Singaporean buyers of new private homes has nearly tripled in the past eight years amid rising income, strong labour market and improved financial literacy, according to a study by ERA Realty.
In a white paper, Wong Shanting, head of research and market intelligence at ERA, said the proportion of local homebuyers aged 26 to 35 jumped from just 9% of new private home sales in 2015 to 35% in 2023.
The median age of Singaporeans buying new private homes also fell to a record low of 39 years old last year from 45 in 2015.
ERA noted that Singaporeans aged 36 to 45, however, continued to dominate the private residential market albeit at a lesser degree. Homebuyers in that age group accounted for 37% of new home purchases last year, lower than their 44% market share in 2015
With the rising income, younger buyers will have more income for property purchase. As a general guideline, here are approximate salary ranges for new graduates in different sectors in Singapore:
- Banking and Finance: Starting salaries for fresh graduates in finance-related roles can range from SGD 3,000 to SGD 5,000 per month or more, depending on the position and the employer.
- Information Technology (IT): Graduates in IT fields, especially those with skills in areas such as software development or data analytics, may earn starting salaries ranging from SGD 3,000 to SGD 4,500 or more.
- Engineering: Starting salaries for engineering graduates can vary based on the specific engineering discipline. In general, they may range from SGD 3,000 to SGD 4,500 or higher.
- Healthcare: New graduates in healthcare professions, such as doctors, nurses, or allied health professionals, may have starting salaries that vary widely. For example, junior doctors may earn around SGD 3,500 to SGD 5,000 per month.
- Legal: Fresh law graduates may start with salaries ranging from SGD 3,500 to SGD 5,000 or more, depending on the law firm and the specific role.
- Consulting: Graduates entering consulting roles might receive starting salaries ranging from SGD 3,500 to SGD 6,000 or more, depending on the consulting firm and the specialization.
It’s important to note that these figures are general estimates, and actual salaries can vary based on individual qualifications, negotiation skills, and market conditions. Additionally, economic changes and trends can impact salary levels.
For the most accurate and up-to-date information on starting salaries for new graduates in Singapore, it’s recommended to refer to industry salary surveys, job market reports, and consult with career advisors or human resources professionals in the relevant field.
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