Why should the Government regulate prices of new private homes?

A survey by property portal PropertyGuru released this week found that six in 10 respondents want the Government to regulate prices of new private homes, which a majority of them felt were overpriced.

In response, many TODAY readers questioned why the Government should do so, adding that those who cannot afford to buy private property should just opt for public housing. Others note that there are already cooling measures in place to curb speculation.    

This is as good as asking government to regulate the profit of all private companies. MARK OH

The Government is not responsible for creating wealth for you. SEAH KIM PING

I believe if six in 10 Singaporeans already owned condos, the result of the poll would be very different. REUBEN CONCEICAO

True, but for the 80 per cent of residents who own Housing and Development Board (HDB) flats, it is harder now to upgrade to private property…The problem is the super rich are coming in to buy like we are on cheap sale. The only way to regulate is the higher Additional Buyer’s Stamp Duty (ABSD) and seller stamp duties for foreigners. How about bringing back capital gains tax on foreigners? Thirty years ago, a school teacher could afford a small landed house. This has become far-fetched in today's environment. MARY MAH

Condos are luxury housing. There is no need to make it affordable to all. There are still HDB flats that people can buy and live in…The Government should limit the number of condo projects in Singapore. Our land is to cater for affordable housing, not more condos. TAKAHASHI RYOSUKE

Those potential private-property buyers must consider whether they have the financial capability to buy a condo in the first place. This is basic demand and supply theory. Why must the Government come in? TEO KUEH LIANG

The key is for the Government to provide affording housing like HDB. Private homes like condos are for the richer and well-to-do who work hard or whatsoever to achieve those assets and status. They are not meant for most Singaporeans. Thus the Government just has to do more to keep HDB affordable to the majority. If condo prices drop, HDB goes down, your property's valuation is going to suffer and that's not going to do good to anyone. NICHOLAS NEO

Try Cuba. I heard it is a socialist state. AZALEA ISSEY

Every new launch has huge crowds and a large percentage of units is sold within a day. Signs of overpricing? Are you kidding me? Typical of our kiasu (and fear of missing out) mentality. ANICCA DUKKHA ANATTA

These people want to buy cheap but sell high. Why don’t you call on the Government to regulate prices of resale HDB flats since some are hitting the million-dollar mark? ROBERT KOH

Buy public housing instead. HDB prices are very well regulated. Recently the Government even increased subsidies given to first timers. CLEMENT CJ LIM

Reminds me of a comment from an elderly lady living in a private property. She would like the Government to allow her to buy an HDB flat so that she can rent out one of her properties. These are not homeless or poor folks. They just want to capitalise from the property market. Nothing wrong with it. But let supply and demand forces shape the market. The Government doesn’t have to level the playing field for you so that you can become upper class. YINGZHI BETH

There are already numerous property cooling measures, and you still say it's not regulated? TEO SEE HWA

S$2,000 per square foot and above for a new condo is ridiculous. JIM SIN

S$800,000 for a one-bedroom unit with 99-year lease. We are heading the way of Hong Kong in terms of property price. DANNY CHIN

Danny Chin, that’s the beauty of a free-market economy. If people think that it is expensive and the value is zero after 99 years, then they will not buy. The problem is when there are lots of people looking at it and buying it. It is just basic economics, demand and supply. When people buy up these units, then developers will weigh the option to up the price again the next time round. Hong Kong people still find our property cheaper than in Hong Kong. Thus the high entry barrier imposed by the Government, such as ABSD. JEREMY LOY

These comments were first posted to TODAY’s Facebook page. They have been edited for clarity, accuracy and length.