The United States announced to stop raising interest rates this year, leading many second hand property owners rise prices or close the sales, which is the most serious in Hong Kong Island district, and some real estate agents pointed that ‘the prices rose so high that it frightens the buyers, with large unit has the mark up up to HKD 2 million’. Grand Promenade had transaction that price decreased after rising in recent days. The owners asked for HKD 27.6 million, then increased to HKD 28.5 million, while sold it at HKD 27.8 million, with a final rise of HKD 0.2 million, sharply rise by nearly 20% than same style units in January.
The property market has rebounded, and owners from Sai Wan Ho project even rose the prices to unacceptable level, with the highest mark up among large size units was up to HKD 1-2 million or 10%, even the minimum increase was still HKD 0.2-0.3 million, Chen Kaichao from Centaline described. Recently, there was a “decrease after rise” transaction in Grand Promenade, which is three-bedroom room D on the middle floor of block 3 in area of 942 sq ft, and the original owner offered a price of HKD 27.6 million, then rose by HKD 0.9 million to HKD 28.5 million, while the price was finally reduced to HKD 27.8 million with the sq ft price at HKD 29,512, leading the sale price to be the latest peak among similar houses in same project, also it was 19.8% more expensive than the transaction price of HKD 23.2 million of same style houses in January.
18 UPPER EAST in same district also recorded owner increased price, which happened in room B on medium-high floor covering area of 518 sq ft, and the owner called for HKD 9.5 million, now the price is rose by HKD 0.3 million to HKD 9.8 million, still unsold, Chen Kaichao said.
In addition, the transactions in the North Point and North Point Mid Level are very prosperous. Li Jiabao from Centaline pointed out that more than 40 transactions have been recorded since March, and the number of property visiting in the district has increased, with many buyers also visit on normal days, thus some owners rise price or close the sales seeing the market is hot, ‘ 2 rise prices, 3 close sales and 5 continue to sell among 10 owners’, while the rising range is not crazy, which is about 2-3%.
Price of three-bedroom unit in Banyan Garden rose by HKD 0.5 million.
Hillsborough in #28 Ming Yuen Westem St, North Point recorded a price up transaction in room B on high floor recently, which is a two suites unit in usable area of 549 sq ft, Li Jiabao revealed. The owner called the price at HKD 11 million, but rose to HKD 11.1 million seeing the market was booming, and the buyer accepted, so it was sold at HKD 11.1 million with the sq ft price at HKD 20,219.
The second hand property trading is hot, and some owners from four leading projects in West Kowloon also rose prices, for example, room F on low floor of block 6 in Banyan Garden, which is three-bedroom unit in usable area of 735 sq ft, was asked for HKD 13.5 million, but the price rose by HKD 0.5 million to HKD 14 million, and it is unsold now; Another room H on low floor in block 2 in same project, which is two-bedroom unit in area of 441 sq ft, was asked for HKD 8.2 million, but the price was rose to HKD 8.28 million during negotiation, and buyer accepted, so it was sold at HKD 8.28 million with the usable area sq ft price at HKD 18,776, Mr. Xu from Centaline expressed.
Fang Wenwei from Hong Kong Property expressed, they recorded one transaction in ELTANIN.SQUARE MILE with price increase days before, which was one-bedroom unit K on high floor of block 1 in usable area of about 265 sq ft, facing mountain view. Fang Wenwei pointed out that the owner quickly attracted potential buyer in same district to negotiate with a price of about HKD 5.9 million in one month, but the owner rose price, while the buyer accepted price increase by HKD 0.1 million to HKD 6 million, leading the usable area sq ft price to about HKD 22,642.
High floor unit in LINGFENG has price rise by around HKD 1 million.
In the New Territories, Liu Haoqin from Hong Kong Property said, Tseung Kwan O starts to appear price rise, high floor unit on left side of block 8 in LOHAS Park LINGFENG in which with the usable area in 677 sq ft was rose from HKD 8.5 million to HKD 9.5 million, up by about 11.8%; while middle floor unit in Ocean Shores with usable area in 510 sq ft was rose by HKD 0.5 million to the latest of HKD 9 million.
